University of Miami Coronavirus and Unemployment Research The purpose of this research paper is to examine that effects of the coronavirus pandemic on the

University of Miami Coronavirus and Unemployment Research The purpose of this research paper is to examine that effects of the coronavirus pandemic on the U.S labor markets, analyze the government policy response to the high rate of job losses, and determine the effectiveness of these economic and political policies or otherwise. Finally, the paper discusses alternative policy methods that the American government can utilize to address the limitations of its current efforts to deal with the rising rates of unemployment in the country due to coronavirus shutdown.In this Assignment, you will pose and investigate an original question about one of the main topics of this course. The question must be based on one of the theoretical concepts that were covered in the readings and Discussions. You will review the literature by searching for related publications (e.g., articles, books, etc.) in the UM Library online and the Internet (e.g., government websites, public records, etc.) Based on the results of your readings, you will then present a preliminary answer to your question by critically evaluating and synthesizing the information you found. Note that you may not be able to find a definitive answer to your question; information from different sources may be contradictory, lack the necessary detail, or be based on questionable data (e.g., very small number of study participants, unclear methodology, outdated sources, etc.) Your task is to critically reflect on the credibility and reliability of your sources, identify the limitations of what you have found, and propose further research that would provide a more definitive answer to your question, if needed.The scope of the paper depends on your writing style and topic but in general should be 23 pages. Most importantly, you must address all the critical elements as previously described and present them in clear and concise language. Be sure to incorporate the feedback you received on your outline. The paper must follow APA style with respect to referencing sources. All writing must be original and any adoption of ideas or quotes from sources must be correctly and completely cited. Running head: CORONAVIRUS AND UNEMPLOYMENT
Coronavirus and Unemployment: Alternative Policy Alternatives
Name
Institution
1
CORONAVIRUS AND UNEMPLOYMENT
2
Coronavirus and Unemployment: Alternative Policy Alternatives
Thesis Statement
The purpose of this research paper is to examine that effects of the coronavirus pandemic
on the U.S labor markets, analyze the government policy response to the high rate of job losses,
and determine the effectiveness of these economic and political policies or otherwise. Finally,
the paper discusses alternative policy methods that the American government can utilize to
address the limitations of its current efforts to deal with the rising rates of unemployment in the
country due to coronavirus shutdown.
I.
Introduction
A. The economic effects of the COVID-19 pandemic is greater than its public health
impacts because of the depth of the unemployment crisis that America would face
afterwards
1. Also, the rise unemployment was unavoidable due to importance of the
lockdown measures to curbing the spread of the virus
2. As a result, the United States government was required to develop and
enact policies and programs that helps the country deal with rising rates of
unemployment
B. Meanwhile, the Unemployment Insurance scheme is the primary system that
federal and state government use to cushion the effects of unemployment on the
population
1. In this regard, the government issues non-repayable loans to affected
businesses to retain their workforce and cover payroll costs during the
crisis.
CORONAVIRUS AND UNEMPLOYMENT
3
2. Also, the policy approach that the government has used through its
reinforcement of the role of the unemployment insurance in help citizens
is worth examining to determine their relevance.
II.
COVID-19 pandemic and Unemployment
A. The disease containment policies of most nations decimated the labor markets
1. According to XYZ, an estimated 58 million workers has registered as
unemployed in the 20 developed nations
2. Also, an estimated 33 million workers in the countries have submitted
applications for relief from unemployment insurance.
B. COVID’19’s negative effects on American labor system is worse
1. In this regard, the pandemic has results in the loss of jobs for 14.8% of the
nation’s workforce and increased the unemployment claims to 26.5
million as at April 2020.
2. Therefore, the COVID-19 has caused severe economic disruptions that
have increased the unemployment rates in the country.
III.
Paycheck Protection Program (PPP)
A. A federal assistance program to encourage employers to keep their employees
during the COVID-19 crisis
1. The government allocated an estimate $350 billion in financial support to
qualified small and medium scale businesses.
2. PPP authorizes the SBA and banks to issue loans to small and mediumscale enterprises to keep their payroll intact to qualify for the funds.
CORONAVIRUS AND UNEMPLOYMENT
4
3. Hence, the PPP is designed to reduce the potential of the coronavirus
shutdown to increase unemployment rate in the short-term
B. PPP also highlights the issue of health insurance and employment
1. Research shows that health costs have become higher due to the
relationship between employment and health insurance.
2. Hence, the analysis of current U.S policies to tackle COVID-19 revealed
several limitations that justify the need for alternative ones.
IV.
Direct Reimbursement of Workers’ Income
A. A model that the pays workers who lost their jobs a percentage of their wages
1. It is based on the flexible labor system and consistent with America’s free
market approach.
2. Also, it benefits workers and tackle unemployment directly as seen in
Germany and Norway
B. Furthermore, it ensures that the crisis does not prevent people from accessing
healthcare insurance.
1. The policy addresses some of the limitations of the PPP
2. Consequently, employers avoid laying off workers through the paychecks
from the state to their workers
V.
Tax and Mortgage Suspension for Individuals and Businesses
A. A policy that defers payment of mortgage loan and utilities
1. An effective approach to support unsalaried workers to mitigate their
reduced earnings due to the COVID-19 pandemic
CORONAVIRUS AND UNEMPLOYMENT
5
2. Also, allows the deferment of rental obligations to reduce the expenses of
households
3. Hence, this alternative policy would limit unemployment benefits and
prevent other social issues
B. Deferred tax obligation for at least nine months reduces the fiscal burden on
businesses and individuals
1. Extension of the payment deadline for value-added tax would help
employers to maintain their paycheck
2. Tax relief for small and medium-scale businesses would prevent a
liquidity crisis during the pandemic
VI.
Direct Economic Stimulus Package to Healthcare Providers
A. A policy to provide financial resources to frontline workers
1. The economic funds will boost the capacity of hospitals to retain staff and
recruit non-clinical staff to help with quarantine efforts
2. Medical equipment manufacturers can retain workers due to increased
demand for their products
3. Hence, the package will not strengthen response efforts to the pandemic
but limit job losses in the healthcare sector.
B. Similarly, policy would address the issues created by health insurance for
unemployed patients
1. Policy will allow health workers to enjoy social safety nets such as paid
sick leave
CORONAVIRUS AND UNEMPLOYMENT
6
2. Therefore, the economic stimulus package will prevent the contribution of
the healthcare sector to the unemployment crisis created by the COVID-19
pandemic
VII.
Conclusion
A. The PPP is limited in its capacity to prevent an increase in the unemployment
rates caused by the crisis.
B. Government needs to review its current policy measures and integrate alternatives
that address the limitations of the PPP.
C. Tax relief for individuals and businesses and suspension of loan repayment
obligations are some of the ideal measures to accomplish these goals.
D. A stimulus package for the healthcare sector is considered effective policy
alternative to current efforts.
E. Finally, direct reimbursement of workers’ income would reduce the potential of
the pandemic to increase unemployment rate to unmanageable levels for the
country.
CORONAVIRUS AND UNEMPLOYMENT
7
References
Fernandes, N. (2020). Economic effects of coronavirus outbreak (COVID-19) on the world
economy. Available at SSRN 3557504. Retrieved from
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3557504
Goger, A., Loh, T. H., & George, C. (2020, April 7). Unemployment insurance is failing workers
during COVID-19. Here’s how to strengthen it. Retrieved from
https://www.brookings.edu/research/unemployment-insurance-is-failing-workers-duringcovid-19-heres-how-to-strengthen-it/
Hirsh, M., & Johnson, K. (2020, April 24). A Tale of Two Rescue Plans. Retrieved from
https://foreignpolicy.com/2020/04/24/united-states-europe-coronavirus-pandemicshutdown-unemployment/
McKibbin, W. J., & Fernando, R. (2020). The global macroeconomic impacts of COVID-19:
Seven scenarios. Retrieved from https://www.brookings.edu/wpcontent/uploads/2020/03/20200302_COVID19.pdf
Ozili, P. K., & Arun, T. (2020). Spillover of COVID-19: impact on the Global
Economy. Available at SSRN 3562570. DOI: 10.2139/ssrn.3562570
Rothwell, J., & Drie, H. V. (2020, April 27). The effect of COVID-19 and disease suppression
policies on labor markets: A preliminary analysis of the data. Retrieved from
https://www.brookings.edu/research/the-effect-of-covid-19-and-disease-suppressionpolicies-on-labor-markets-a-preliminary-analysis-of-the-data/
Sutton, T., Link, J., & Lipscomb, A. (2020, March 26). Lessons for the United States From
International Economic Responses to the Coronavirus. Retrieved from
CORONAVIRUS AND UNEMPLOYMENT
https://www.americanprogress.org/issues/security/news/2020/03/26/482287/lessonsunited-states-international-economic-responses-coronavirus/
8

Purchase answer to see full
attachment