Economic Damage From Civil Unrest May Persist for Decades | Voice of America - English - 0 views
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WASHINGTON - Already reeling from the coronavirus pandemic and unemployment levels not seen since the Great Depression, cities across the United States smoldered on Tuesday after a seventh consecutive night of protests and civil unrest related to the death of African American George Floyd while in the custody of Minneapolis police last week. As business owners and residents yet again clean up the debris, there is growing concern that the economic damage to many of the communities where violence is taking place will persist long after the last window pane is replaced and the last burned out car is towed away. Businesses and neighborhoods where protests have turned violent will have to contend not just with the aftermath of the protests, but with multiple aggravating factors that will make recovery even more difficult.
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Many businesses had already been pushed to the edge of solvency by months of lockdown related to the coronavirus, and the slow and careful re-openings envisioned by many state and local leaders were not designed to allow commerce to rebound to pre-pandemic levels immediately. Layered on top of that is the Depression-level unemployment currently afflicting the nation and the prospect of an economy that will, at the very least, be in recession for the foreseeable future. On Tuesday, the Congressional Budget Office delivered an analysis to Congress warning that the virus will adversely impact the economy through much of the next decade, cutting some $8 trillion from Gross Domestic Product over that period. Another distinct possibility is a second wave of the coronavirus, either arising naturally or helped along by massive protests in which people have been gathering in close proximity. The understandable rage at the death of Floyd, who was handcuffed by police and died after a police officer knelt on his neck for nearly nine minutes, sparked protests in well over 100 cities across the country. His death has become the most potent recent symbol of a system in which black Americans are, with disturbing regularity, abused and even killed by law enforcement officers, frequently on camera. And while the vast majority of the protesters have been non-violent, in many cases there have been incidents of property destruction and looting, as well as attacks on police officers.