There is no need to talk about the havoc that this pandemic has brought on to our society. Everybody in the world should all feel it now. Terrible as it is, the pandemic presents an opportunity for us to look at the issues that we overlook in normal times
Paid sick leave
The US is one of the only few, if not the only country, where citizens don’t get paid sick leave. When there is a risk of a wide-spreading pandemic, the lack of this benefit forces workers to go to work even though they may be sick; which increases the threat of a spread. After this catastrophe blows over, perhaps it is time for us to bring this issue to the national spotlight and to pressure lawmakers into taking actions
Stock buybacks and corporate bailouts
The fact that corporations are asking for a big bailout after years of continuous stock repurchases and lucrative executive compensation is inexcusable and intolerable. While there is a case to be made that bailouts chop off a body part to save the body and corporations should be forced to return the money once healthy again, it doesn’t make it right the fact that tax payers’ money is used to bail out companies whose failure to prepare for a macroeconomic risk is the executives’.
Regulations over gig economy
For months, gig economy companies such as Lyft and Uber have fought regulations that would require them to treat workers as employees. What that means is that workers would be entitled to healthcare insurance, paid leave and other benefits that white-collar workers usually enjoy. Some folks I saw on Twitter, most from Silicon Valley, even blasted the regulations. However, a study by The Hustle may change perspectives on this. According to The Hustle, 57% of the surveyed drivers would still drive because that’s the only way to make ends meet. Some are not even making enough to pay for their rented vehicle. Furthermore, the lack of health insurance means that they and their family are vulnerable than ever. In light of this crisis and the impact on gig economy workers, is asking for a well-designed regulation to protect workers too much to ask?
Healthcare system
The lack of tests in the US, compared to what is going on in other countries, is seriously shocking. Ask any American and it’s very likely that you will get told that the US has the most advanced healthcare system in the world. That’s true…for rich people and for very sophisticated treatments. However, when it comes to healthcare for ordinary folks and normal ailments, there is a lot to be desired for in the US. The country had disappointingly managed to fail to deliver a universal healthcare solution even before the pandemic broke. Now, the case cannot be made even more pressing. Recently, it’s reported that a woman was hit with a $35,000 bill for COVID-19 treatments and tests. How was that acceptable? It could happen and bankrupt any of the middle class Americans, or, worse, paycheck-to-paycheck folks.
Work from home
This one is polarizing. Proponents of WFH must be ecstatic to make their case when essentially everybody is required to work remotely now. On the other hand, some will experience cabin-fever, frustration and the drop in productivity. Personally, I prefer going to the office. I prefer meeting my colleagues face-to-face and have a setting that helps me focus on my work more than my comfortable home.
Furthermore, WFH presents an opportunity to test a company’s infrastructure. For most of last week, my colleagues and I experienced a laggy and slow connection. Even though home internet bandwidth can contribute to the issue, it’s undoubtedly our company’s network being not set up for a spike in traffic. Additionally, mass remote working can change how managers keep staff productive and keep track of their work.
Personal finance and change in lifestyle
Many of us now face, if you haven’t already, layoff or a drop in salary as companies are downsizing to survive the pandemic. Income may dry up, but the bills will still be there. Without a fund for a rainy day like we are going through, a financial struggle or bankruptcy is likely. The 11-year bull market since the 2009 crisis which many didn’t experience makes folks become complacent. After this COVID-19 disaster, it’s a great time to ponder hard decisions and establish sensible personal finance practices.
This is a scary and confusing time. But what happens in the next few months will be very interesting as decisions are to be made.
Minh Quang Duong 