(1) You can title your paper: “The Impact of the COVID-19 Pandemic on the U.S. Economy”
(2) I think that you should focus on the economic impact of the pandemic rather than on the U.S. national debt, credit ratings, and stock market dynamics.
You can, e.g., use the following structure:
(a) supply-side shocks (disruptions in the supply chain)
(b) aggregate demand shocks (some industries more affected than others)
(c) impact on the labor market (unemployment, work-at-home arrangements, etc.)
(d) monetary and fiscal policy responses, short-term and potential long term effects (here you can mention the increase in the U.S national debt, the potential “overheating” of the economy, assets bubbles, uncertainty about inflation, and so on)
(3) Expand your introduction and make it more effective. Add some numbers (e.g., number of deaths, the actual drop in U.S. GDP, the rise in unemployment, or something along these lines), not forgetting to indicate the source. Briefly describe the main points of your paper.
To give you an idea, your introduction should be about one page long.
(4) Update your work, including your data (it is currently April 2021 and some of the events that you describe as pending or current have already happened, e.g.:
“This funding is expected to provide citizen relief funds of $1,200 per person.” This has already happened.
“good news from Europe” unfortunately, not the case in 2021.
(5) Your paper will benefit if you include some graphs (e.g., GDP and/or unemployment dynamics, impact by sector, etc.)
(6) I think you need more references. You can look at:
NBER working papers
http://www2.nber.org/wp_covid19.html
IZA working papers (labor markets; a bit more global coverage)
https://covid-19.iza.org/publications/
CEPR
https://cepr.org/content/covid-economics-vetted-and-real-time-papers-0
Regarding the fiscal and monetary policy responses, you can find a detailed summary here (search for United States of America):
https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19
There are many other sources, of course.
(7) I would drop “its worst hit so far”. The Great Depression was worse. You can, e.g., say “the worst hit since the Great Depression”
(8) What do you mean by the following? This is your essay, so what is the reason for the in-text citation in the end?
“This essay will examine the negative effects the COVID-19 pandemic has had on the nation’s local and foreign economic positions. (Nicola et al.,2020)”
(9) The conclusion should not repeat your introductory section. You can, e.g., use it to speculate (in an academic manner) about the long-term costs of the pandemic (and/or the lockdowns, and/or the fiscal and monetary policy response); you can even mention the potential impact on inequality, productivity (online learning may not be so great for children), etc.
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