Without question, 2020 will be remembered as the year of the coronavirus. The public health crisis and resultant economic calamity have had wide ranging implications throughout the whole of society. The encouraging trajectory of the US economy as the year dawned was abruptly reversed, and a solid and lengthy expansion was halted as huge swaths of the business complex were severely curtailed or shuttered. Perhaps the most striking feature of the nosedive was its unevenness.
The pandemic has impacted individuals and families in vastly different ways. Some have faced unemployment or reduced hours. Others in health care and essential jobs have both labored more than usual and faced increased risk. Many have transitioned to working and schooling from home.
Some industries are struggling to survive, while others are experiencing steady or even soaring demand. Airlines, hotels, and other travel businesses, restaurants and bars, and many types of firms have been devastated, while some have seen explosive growth (such as online retailers and delivery services). Energy was jolted, with oil prices plunging due to collapsing demand paired with a surplus of oil (which has been particularly challenging for the Texas economy). Small businesses struggled, while the tech giants propelled the stock market to new heights.
