“The St. Louis Fed projected on Monday the US unemployment rate could reach 32% unemployment — higher than the Great Depression!”
And it’s from an entirely different cause and it won’t result in another Great Depression.
The Great Depression was caused by a massive collapse of the American banking system which lasted for a decade.
We don’t have that situation now and the Covid panic won’t make one happen.
As soon as everyone is able to return to work the economy will begin a strong recovery. At worst we get a very nasty but short lived recession.
I completely disagree. The series of bankruptcies that are about to cascade through our economy will be stunning. Come on down to Texas and have a look at the energy sector. There are roughly 2 million six digit plus jobs that are on the brink of disappearing. Another month of the US economy being shuttered will put us in a hole that will take years to climb out of. In the interim plenty of communist policies will find their way into the fabric of American life. All for a virus that has killed a mere 0.0005% of the population.