Many voters seem to be worried about the economy now, before the presidential elections of the United States, more than ever before. By the way, many Instagram influenrces used their IG presence to spread the word about the elections. For instance, David Dobrik could register more than 300 000 citizens on elections as he has many Instagram followers. Wells Fargo’s Gallup survey revealed that 69% of respondents described the issue as very important.
The economy is the number one concern of the investors. One of the department heads at Wells Fargo, Tracie McMillion, said that the results are no surprise considering the deep impact of the recession caused by the COVID-19 pandemic. For the investors, the economy is always a major concern but this year in particular because of the rapid drop in March and April. The recession started in February and became worse when the pandemic hit the country. By the end of the first quarter GDP shrunk by 5% and by the end of the second quarter by 31%. From the 22 million U.S. jobs lost during the pandemic, not even 50% has been recovered.
Over the summer the U.S. economy started adding jobs faster and unemployment declined by 8.4%. According to Wells Fargo GDP might expand as quickly as it shrank. The businesses are reopening and people who did not spend before are starting to spend now again. For the entire year, the firm expects a decline from 3 to 3.5 %. However, the overall impact of the COVID-19 is estimated to cost the U.S. economy around $ 7.9 trillion through 2030.
US digital economy is growing rapidly
U.S. digital economy was 6.9 percent of the U.S. gross domestic product, or $1.35 trillion, in 2017, according to a new batch of statistics released by the Bureau of Economic Analysis. California which is the technological center of the world is a base for tech giants such as Google, Microsoft, Facebook, Apple Amazon and others. In fact, Facebook and Amazon, along with Netflix were a couple of rare businesses that saw a growth in their revenue, when the COVID-19 pandemic forced the nations into lockdown and the industries and businesses all over the world were devastated.
The U.S. is home to many fintech firms and multiple start-ups. iGaming is a growing branch of the digital economy. iGaming and online casinos are rapidly adopting new technologies, digital content, and new ways of gaming and communications. Many of them offer not only all the traditional gambling forms such as poker, blackjack, slots, sports betting, and others but also adaptations of popular video games, as well as games inspired by superhero movies and comic books.
Some iGaming platforms offer live updates on sports and video gaming tournaments and competitions. The digital economy managed to keep working and maintain the employees even during the pandemic. Along with the US, Europe, Canada, China, and Japan are competing to be the leading countries of the digital economy.
Economists deeply divided on U.S. future
The experts have contradicting predictions regarding the future of the U.S. economy. Some experts say it will take the country a year to quickly recover the economy and others say it will struggle for much longer than that, considering the COVID-19 pandemic that continues and very high unemployment rates.
The economists with all kinds of background take blind guesses considering that nobody really knows how the spread of the virus will continue or with what results the 2020 presidential elections will end with. Policymakers do not have anything to work with as nobody seems to be able to agree on anything. One of the scariest things is that even if GDP grows and outperforms the job market might not be able to match it, leaving many unemployed.