As we all know one of the biggest concerns associated with the coronavirus is an economic crisis. Since many people have lost their jobs and now collect unemployment, businesses have been closed, and states have used a large portion of their budget to buy medical equipment to save lives, this has all resulted in decreased circulation of money and an economic pause.  

So what does all this mean? It means that businesses will close, unemployment rates will remain high for quite a white, and that many businesses, schools, and states will face budget cuts. In addition, many small businesses and even some small colleges will go out of business and stay closed forever. Many of us have never been something like this crisis in our lives, so clearly some institutions did not have the tools or knowledge available to handle the economic aftershocks.

 Those stepping up to help their community include Bill Gates who has offered to provide economic aid. Gates and Governor Cuomo plan to reform New York public schools with new technology for when they open in the fall, however this plan is mainly for the New York City area. New York schools have been closed since March 16th, and New York has taken the biggest hit during this pandemic so of course any funding is greatly beneficial.

The School District of Albany has held board budget meetings on May 12 and May 15 to attempt to close a $15 million gap in our budget, which is now $3.8 million for the 2020-21 school year. Unfortunately they will have to make some difficult decisions as the budget forms, whether this means program cuts or salary cuts. 

It is clearly safe to say that the economic impacts of this health crisis will last and affect our daily lives for quite a while. However, we are all doing the best we can during these times and eventually everything will rebound and prosper yet again.