After South Africa sounded the alarm on a new Covid-19 variant, the Dow Jones Industrial Average dropped 900 points on Black Friday, marking a dire start to what was forecast to be a record-shattering holiday spending season.
News of the Omicron variant, which has an unusually high number of mutations, will certainly throw a spanner in the works for the Biden administration as the President struggles with flagging approval ratings and a pessimistic view of the economy.
The administration will need to work quickly to get ahead of the new variant. The administration has already announced it will restrict travel from South Africa and seven other countries, but the president needs to do more, as the new variant has already been detected in places including Belgium and Hong Kong.
While the world waits for more data on vaccine efficacy against the Omicron variant, Biden needs to continue the push to vaccinate those who have not yet gotten the jab and to direct funds to ramp up the production and development of medical treatments for Covid.Despite the news that sent stock markets tumbling on Friday, there are plenty of positive signs for the US' economic recovery.
Shortly before Thanksgiving, the Bureau of Economic Analysis reported the real gross domestic product (GDP) grew by 2.1% in the third quarter. Meanwhile, last week's unemployment claims totaled 199,000 when adjusted for seasonal swings -- marking the lowest level since November 15, 1969. With 62% of the eligible population fully vaccinated, the US has enjoyed a return to some semblance of normality -- especially with most children back in school and kids ages five and up now eligible for the Covid-19 vaccine.
(cnn)