US Economy Will Suffer $809B Hit Due to Decreased Travel, Says U.S. Travel
By Harvey Chipkin
The US economy will suffer an $809 billion hit as a result of decreased travel due to coronavirus, according to an analysis by the U.S. Travel Association. An estimated 4.6 million travel-related jobs will be lost this year, the report said. Roger Dow, CEO of U.S. Travel, said at a White House meeting with President Trump, Vice President Pence and other officials and travel leaders that without aggressive and immediate disaster relief steps, the recovery phase is going to be much longer and more difficult, and the lower rungs of the economic ladder are going to feel the worst of it. The analysis also showed that: total travel spending in the US is projected to plunge by $355 billion – or 31% -- this year, more than six times the impact of 9/11. At the meeting, Dow urged the administration to consider $150 billion in overall relief for the travel sector, including a stabilization fund, liquidity for travel businesses and facilitating small business loans.