The coronavirus had hit the world hard even the most developed countries had had their healthcare systems and the economy almost failing with the extreme number of cases that had taken the lives of many. 

The Side Effects of The Pandemic

Since the start of the widespread lockdown and stay-at-home orders across the country, the public was ordered to remain indoors unless they need to do essential activities like buying medicine or groceries. Also, businesses that were classified as nonessential were asked by their local governments to postpone operations until they announce that it is safe to open again. This left those that are providing essential services to operate amid the pandemic while following strict COVID-19 preventive guidelines such as social distancing, wearing of facemasks, frequent cleaning and sanitation of facilities, and providing protection to employees and customers. With fewer people being able to go outdoors, even the businesses that were allowed to operate while their state is on lockdown had struggled to maintain their profits at a level to allow them to pay the expenses for their operations.

With many nonessential businesses nonoperational and many essential businesses struggling to earn enough profits to cover their cost of operations, many of them had resorted to reducing staff. This had led to the alarming numbers of unemployment across the country. This was evident in the huge number of Americans filing for unemployment benefits after losing their jobs. Many of those who had lost their jobs were the ones who are solely providing for the needs of their family. Losing their jobs mean that they do not have enough means to give their family's needs.

This had resulted in the United States issuing the stimulus bill to help those who had suffered from the economic side effects of the deadly pandemic. Also, it aims to help businesses to remain to function and retain their employees. However, to do all these the country needs to have funds.

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The National Debt

Based on an article, the current national debt is $25 trillion. This is the amount the United States of America owes its creditors. The country's debt to its creditors increases as the national earnings decrease. One possible reason for a decrease in government earnings is tax cuts. 

Furthermore, the debt of the country increases as national spending increases. The coronavirus pandemic had required the government to spend more as it tries to maintain the COVID-19 cases at manageable levels and other necessary measures regarding the pandemic. 

In normal operations, the country's government is spending more than what it is earning. This is referred to as a deficit. To have funds for expenses that cannot be covered by the country's earnings, they need to borrow. 

The top five countries which the United States owe a significant amount of debt are Japan, China, United Kingdom, Ireland, and Brazil. The country owes $1.271 trillion to Japan, $1.08 trillion to China, $395.3 billion to the United Kingdom, $271.5 billion to Ireland, and $264.4 billion to Brazil, according to an article.