ELEVATE SPRING
microscopic
PROBLEM, macroscopic
consequences
HOW THE CORONAVIRUS IS IMPACTING THE WORLD ECONOMY AND SHIFTING THE POLITICAL STAGE BY RYAN TIERNEY ‘ 20
ON JANUARY 20TH OF THIS YE AR, GLOBAL CRUDE OIL PRICES WERE AT RELATIVELY NORMAL LE VELS, AVERAGING AROUND SIX T Y-FOUR BRENT U.S. DOLLARS PER BARREL. At this time, there were roughly 9,000 reported cases of the novel coronavirus across the world, mostly located in China. By April 20, after global coronavirus cases had grown to nearly two and a half million, oil prices across all continents had dropped to unprecedented new lows, with some U.S. crude oil prices dipping to negative values. The International Monetary Fund, in an estimate that it admitted “may actually be a more optimistic picture than reality produces,” has predicted that world GDP will decline by 3% as a result of the virus. To put that in perspective, that is nearly three trillion U.S. dollars of commerce ceasing to exist. In three months, the coronavirus has killed hundreds of thousands, including 69,500 here in the U.S. as of May 4, and brought the global economy to its knees. As cases continue to spread rapidly across the world, the way forward is uncertain. This problem has left many governments across the world scrambling to curb the virus’ spread and provide aid to their citizens and businesses. Earlier in the year, China imposed strict lockdown policies on its citizens, and since then, other countries like India, France, and Italy have followed suit. The United Kingdom, which has been in lockdown since March 23, released a 400-million-pound economic stimulus package to help COVIDaffected industries and pledged 200 million
12 ELEVATE SPRING
White House coronavirus response coordinator Deborah Birx speaks as, from left, National Institute of Allergy and Infectious Diseases Director Anthony Fauci, U.S. Vice President Mike Pence and Labor Secretary Eugene Scalia listen during the daily coronavirus briefing in the Brady Press Briefing Room at the White House on April 9, 2020 in Washington, DC. (Alex Wong/Getty Images/TNS)
pounds in aid to help developing countries combat the virus. Even the Afghan government and the Taliban, who are still actively fighting, are taking measures to prevent the disease (although experts believe that Taliban efforts are mainly for public relations). Here in the United States, no national lockdown has been put into place. The U.S. Navy sent hospital ships to California and New York, the CDC has been releasing federal guidelines for personal disease prevention like social distancing, and the Federal Reserve Board has been actively monitoring the economy too. Members of the federal coronavirus task force, like Dr. Anthony Fauci, a Jesuiteducated, Regis High School (New York City) and College of the Holy Cross alumni and director of the National Institute of Allergy and Infectious Diseases, and response coordinator for the White House Coronavirus Task Force Dr. Deborah Birx, have become public figures as they have continued to advise the White House and brief the American people on the status of the virus. At the end of March, Fauci said regarding the stay at home recommendations, “We’re sensitive to the idea that the economy could suffer, but it was patently obvious looking at the data, that at the end of the day if we try to push back prematurely, not only would we lose lives, but it probably would even hurt the economy.” To relieve economic decline, Congress has passed four coronavirus stimulus packages with a total price tag of nearly 2.8 trillion
dollars. These packages, which Senate Majority Leader Mitch McConnell has described as a way to “help the people of this country weather this storm,” have promised millions of dollars in loans to small businesses across the country and “stimulus cheques,” averaging about $1,200 dollars, for countless American households. But President Donald Trump, in an effort to keep “the cure [from being] worse than the problem itself,” (a phrase which he first coined in a tweet on March 22) has given states much of the responsibility to enforce regulations and provide relief. In Colorado, specifically, many measures have been taken. Some public-school districts announced temporary closures for in person classes as early as March 13, and on March 26, Governor Jared Polis announced a statewide stay-at-home order to contain the virus. Later, on April 3, metro area school districts announced that the closures would continue for the rest of the academic year, and on April 20, Governor Polis extended this order for all Colorado schools. Since then, Polis has begun to reopen Colorado under the “Safer at Home” plan, which was implemented via his executive order on April 22. At the same time, Mayor Michael Hancock extended Denver’s stay-athome order through May 8, and on May 1 he issued an edict requiring masks to be worn in all public places throughout the city. In addition to these steps, the Colorado Department of Human Services expanded its coverage for the Temporary Assistance for Needy Families program, better known as Colorado Works. Many states have
