The budget deficit of the US government is estimated to reach a record $ 3,300 billion. The budget deficit is expected to hit a record high, given the ongoing spending to tackle Kovid-19 and stimulus measures of more than $ 2,000 billion to boost the economy. The Congress Budget Office has made this estimate. The deficit increase means that federal debt will surpass GDP annually next year. This situation will be exactly the same as it was after the second world war. At that time the cumulative debt exceeded the size of the economy.
More than three times the 2019 deficit
The $ 3,300 billion estimate released on Wednesday is more than three times the 2019 deficit. At the same time, the rate of softening in 2008-09 is twice. On one hand, while the government’s expenses are increasing, on the other hand the tax revenue has come down due to the recession. Personal income tax collections are down 11 percent over the previous year, while company tax collections are running 34 percent less.
Corona hit on economy and employment of people
The economy was shut down for the prevention of corona virus. This had an impact on the economy and employment of the people. Direct relief and incentive measures of $ 1,200 were announced to relieve those who lost their jobs. This brought relief to the economy in the short run.
MPs are getting confused about the size of relief package
Given the increasing spending, lawmakers and the White House are mulling over the size of the fifth virus relief package. Republican lawmakers have begun to worry about rising costs to deal with the epidemic, while the Democratic-controlled House passed a $ 3,500 billion package in May. However, Speaker of the House Nancy Pelosi has expressed a desire to reduce this to $ 2,200 billion.
Given the Corona crisis, work from home (Work from Home) is now considered by most companies to be normal. Accordingly, she is also changing the strategy for new appointments. After the lockdown was relaxed, companies working in other sectors including banks, media, e-commerce, IT, tech have started new appointments but most of them are for work from home. Human resource experts say that Corona has brought a big change in the job market. According to this change, the working class will have to change their skills.
Axis Bank Hires 1000 New Jobs :Axis Bank has launched the ‘Gig-a-Opportunities’ initiative to employ 1000 people over the next one year. Under this model, any talented candidate can work with a bank from any part of the country. The Bank will look for good talent for this work from home, including youth from across the country, experienced middle level professionals and women. Earlier, State Bank of India has also started working from somewhere. Many companies including Amazon, Facebook, Google have already extended work from home till next year. In media, e-commerce, IT and tech companies, new appointments are being made for the home and not for the office.
Companies are offering many types of concessions :Given the advantages of work from home culture, companies have made up their mind to continue it even further. For this, companies are providing a lump sum to their employees for essential furniture, internet and other essential products. App payment company is also giving a separate allowance for AC to Razor Pay employees every month. Hike will spend 40 thousand rupees per employee by the end of this year to provide his employees’ work from home. Google and Facebook started it by giving employees 75 thousand rupees (one thousand dollars) for furniture.
Learn new skills in a changing environment :Human resource experts say that Corona has brought a big change. In the coming time, it will have a big impact on the employment market. In such a situation, employees will have to work on making their work effective. Along with this, you have to learn new skills and prepare for big responsibilities. The time spent during work from home should also be used to gain new qualifications. At the same time, the job seeker in the employment market for the first time will have to adjust their skills according to the demand of the market keeping in mind the changes from Corona.
Companies balancing work :It has been more than four months since the employees worked at Work from Home. During this time the problem of stress, insomnia, restlessness has increased in the employees. Companies are now coming forward to overcome this. Companies are now considering initiatives such as raising all facilities for their employees, scheduling lunch, giving leave and not meeting too early