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.
Not the first time that the U.S. energy sector has been decimated. The last time didn’t collapse the national economy and this one won’t either.
Energy prices will recover some when the global economy picks up and the Russia vs Saudi Arabia pissing contest ends. That may not revive fracking because the Saudis and Russians have a mutual interest in keeping us out of the production market.
“Another month of the US economy being shuttered will put us in a hole that will take years to climb out of.”
It’s going to be a V-shaped recovery. It will take a year at most to sort out. People are eager to get back to work. Lenders will have an interest in keeping their clients alive, most won’t foreclose. The $1,200 may not sound like much but it will keep demand from collapsing.
This isn’t what Depressions are made of. It’s a recession that will come to a sharp end when the virus is over.