Vaccine rollout helps US economy outlook

There have been 216 million vaccinations put into the arms of U.S. citizens according to the Centers for Disease Control and Prevention. Every single U.S. citizen 16 years of age and older are able to get a vaccine if they so please.

The rollout rate bodes well for interstate commerce this summer, as the nation’s economy is looking to bounce back. An assistant professor of economics at Missouri Western State University said that the country should see a boost in all service-related industries as states loosen restrictions.

“People expect a lot of revenue over the summer because people are going out and spending more money,” Dr. Kara Grant said. “Last summer, companies were deprived of that opportunity, but we could be set up well for this coming vacation season to pump dollars into the industry.”

Money being spent inside the country is always a good thing. But there still are obstacles to climb when it comes to international trade and travel.

However, vaccination rates differ globally, providing somewhat of a grim outlook for international travel and trade in the immediate future.

“If you think of India, even with all of these vaccines they have they are still having a massive surge in coronavirus cases,” Grant said. “If these places where we get cheap labor from continue to have case surges then our whole supply chain gets messed up. Everyone vaccinated globally is incredibly beneficial.”

Grant added that getting the economy upright at a national level also involves consumers spending the money from the stimulus checks.

One industry that people have been pumping stimulus money into over the past year is cryptocurrency. Bitcoin has been sitting consistently at or above $50,000 for almost three months now. Dogecoin is another cryptocurrency that has picked up in popularity during this past year.

Dr. Bin Qiu, an assistant professor of finance at Missouri Western State University, said regulation for cryptocurrency by the IRS allows tax dollars to be taken from people’s profits to help the economy. He also said that cryptocurrency is making leaps and bounds when being eligible to use for payments online.

“PayPal announced they would take cryptocurrency as payments,” Qiu said. “But it is not used like dollars, it is used as a medium between yourself and the merchant. You would need to convert your cryptocurrency to the appropriate currency value that the payment requires.

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