Introduction 2020 was a period of instability for the entire global economy due to the COVID-19 pandemic, which brought severe human and financial losses to most countries in the world. The United States was no exception as the virus quickly spread throughout the country and took the lives of thousands of people. The Covid-19 pandemic resulted in an unprecedented economic decline in the first two quarters of 2020 (Fig.1). In general, GDP for the year decreased by 3.5%, which is significantly higher than the 2008 crisis (0.1%) (Bureau of Economic Analysis, 2021). However, government measures and stimuli set the economy on the path to recovery in the second half of 2020, although a full economic recovery has not yet been achieved. Recession The covid-19 pandemic reached large scales as early as February 2020; however, the impact on the economy was most evident in the second quarter of the year. The President of the United States announced a lockdown in March 2020; hence, the consequences of the two-week closure of the retail trade, the restaurant, and tourism business, and the reduction in production were manifested in a GDP decrease of 5% (Bureau of Economic Analysis, 2020). However, the next three months of continued lockdown resulted in a 31.4% decline in GDP for the US economy (Fig.2). According to the definition of The National Bureau of Economic Research, such a significant decline in economic activity over several months is an economic recession. As can be seen in the table, the lockdown led to a considerable decrease in the gross domestic income, personal income, and personal consumption expenditure price index, since all public places, except for the essential ones, were closed. Recovery and Growth Nevertheless, the government measures taken at the time allowed the United States to restore economic growth in the third quarter of 2020 (Fig. 3). Part of the payments aimed to improve medical services, develop vaccines, and provide Americans with medical care. The other part was used to increase the personal income of Americans who were left unemployed or in financial difficulty. The government also provided financial incentives for businesses and lowered the fed funds rate to provide loan opportunities for businesses (Amadeo, 2021). Thus, GDP in the third quarter grew by 33.4% and continued to grow by 4.3% in the fourth quarter (Bureau of Economic Analysis, 2021). However, while growth continues, it takes longer for the US to return to previous levels of economic development. Reasons for Recession: Pandemic The covid-19 pandemic came as a surprise to most countries in the world and health systems. Borders have been closed, and public places are prohibited from working to prevent the spread of disease and the collapse of an unprepared health care system in the United States. Consequently, many employers in the tourism, resourcing, and other sectors had to fire their employees due to a lack of profit. This factor was reflected in the personal earnings of the population. The lack of funds due to unemployment and the closure of most public places has led to a decrease in consumer spending and, consequently, companies’ profits. Thus, the US GDP fell due to the bankruptcy of