The world is grappling with an unprecedented pandemic -- the likes of which most of us have never witnessed before in our lifetimes.
COVID-19 has claimed close to 53,000 lives throughout the world, and that number is expected to surge in the next week or two.
Nearly 6,000 people have died in the United States alone -- well over 2,000 more casualties than China. Italy still leads with a staggering 14,000 deaths, followed by more than 10,000 reported in Spain.
The coronavirus has sent markets reeling and caused businesses big and small -- from bars and restaurants to theaters and hotels -- to shut their doors and lay off or furlough workers.
Indeed, the outbreak is taking a heavy mental and financial toll on everyone from medical staff on the front lines to entrepreneurs to stay-at-home moms.
A whopping 10 million Americans applied for unemployment benefits in March. Some experts are warning that with the unemployment rate potentially reaching a catastrophic 30%, we should brace ourselves for the deepest recession on record.
To make matters worse, many consumers have little to no savings to fall back on. As the pandemic continues to ravage the economy, those who are living paycheck to paycheck are wondering how they'll be able to put food on the table this month.
No one knows when this will be over, but it's safe to say that the economy will be hobbling for quite some time. It took roughly 4-5 years for the economy to start showing signs of a recovery following the Great Recession of 2008, and the picture looks even more bleak this time around.
And even then, there's no question that consumers will not be spending as freely as they were pre-coronavirus.
Aside from the fact that many businesses will likely charge higher prices to offset losses sustained during this shutdown, people will be looking to cut costs and save money.
That means fewer trips to the movies, less eating out, and postponed/forfeited vacations for the foreseeable future.
And let's not neglect to mention the immense social and emotional costs of this pandemic.
From dads forbidden from being in the delivery room with their wives to families not being allowed to visit their loved ones in nursing homes to co-workers being forced to put off Happy Hour gatherings, social distancing has roiled in-person communication as we know it.
Many of us are scared. Many of us are worried about the future.
But we've overcome challenging times like these before. This storm, too, shall pass.
It is my hope that this pandemic will spur improvements in healthcare so that we never again find ourselves short on masks, ventilators, and hand sanitizer. That should not happen anywhere in the world -- let alone the United States of America.
Sadly, sometimes it takes a catastrophe of this magnitude to effect changes that ultimately make the country -- and the world -- a much better place to live in.
Rest assured we will go back to celebrating birthdays, enjoying nights at the movie theater, and cheering on our local teams in sold out arenas. Until then, however, heed the orders of your local officials and stay home.
Stay strong, safe, and healthy!
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