2020 was on record to deliver one of the strongest economics on record until the coronavirus pandemic hit. 

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Prior to the pandemic, the U.S. economy was booming, U.S. consumer confidence was at an 18-year high, and Americans in every demographic were celebrating financial success — from pay raises to lower taxes to higher rates of business ownership. In February, there were over a million more job openings than job seekers. Last year, the poverty rate fell to the lowest recorded level of 10.5%.  Median household income reached an all-time high of $68,703 in 2019. Over the last year, average wages for workers in the private sector have increased 3.0%. Pro-growth policies that raise labor demand and incentivize employers to invest more in their employees resulted in income  and wage gains for historically disadvantaged Americans.

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However, mandated lockdowns, shelter-in-place orders, and business closures in March and April brought our economy to a near halt and shed over 22 million jobs. The national unemployment rate skyrocketed to 14.7% in April.

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Because the pre-pandemic economy was so robust and as lockdowns and restrictions have been lifted over the summer, the economy has regained about half of the lost jobs and the unemployment rate has fallen back to 6.9% in October. This is perhaps the fastest jobs recovery. In just five months, we have regained more jobs than were regained in nearly five years following the 2008 financial crisis. In the third quarter of 2020, the economy grew at an unprecedented annual rate of 33.1%.

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The American economy is resilient and we will rebound from COVID-19 to return to pre-pandemic prosperity. 

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That is unless policymakers change course and reverse the pro-growth policies which invigorated our economy: the Tax Cuts and Jobs Act, decreasing regulations, and other financial incentives.

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Here is how various demographics of Americans have been economically impacted by the coronavirus: