CNBC 28 Aug 2020

How Coronavirus Set Off A Bankruptcy Wave For The U.S. Economy


The coronavirus pandemic is bringing on a wave of bankruptcies in 2020. And it's not just the retail sector that's suffering. Automotive, aviation, telecom, and oil and gas companies are all feeling the pain as consumer demand dries up. Despite the billions of government support and loans, it might be too late for a lot of companies. Experts say we're on track to mirror the number of commercial bankruptcies seen during the Great Recession. So what do all of these bankruptcies mean for the economy moving forward? And how do big brands bounce back successfully after they've filed for bankruptcy? CNBC explores bankruptcies and the impact it can have on consumers, businesses, and the economy as the race for a vaccine continues.

CEO and chief strategist of Quill Intelligence Danielle DiMartino Booth said the coronavirus recession creates an opportunity to fix the jobs skill shortage in the U.S. She thinks congress should invest in a reskilling program that provides educational opportunities to the already highly skilled employees working in the oil and energy industries that have suffered harshly from Covid-19. Booth also suggests addressing economic inequality by bringing back more trade based learning at a younger age, in programs like shop, and by creating ways for new mothers to not fall out of the workforce after maternity leave. Watch the video to learn what Booth thinks is next for the U.S. economy.
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