The country was destroying itself before the virus, by focusing on the trivial and forgetting about the essentials.
This won’t be a depression, because the financial sector is extremely strong with healthy capital reserves. Some of them got exposed during the panic of 2007-2009, they now hold much stronger positions.
If we had a knucklehead like Elizabeth Warren as President, we’d be in big trouble. She’d chop our banking sector into a bunch of “little dominoes”, my 4 year old son could knock over.Plus she’d tax and over regulate agriculture and manufacturing producers, to the detriment of our society.
President Trump is an entertainer and a showman,but he’s also a strong leader who doesn’t let ideology get in the way of results.
Not all depressions are caused by banking distress, although that usually is part of it. Yes, the banks are in better capital shape today vs 2007, but unemployment didn’t hit anything close to 32% in 2007 either, nor did a dozen major industries have their revenue go from 100% to 0-20% overnight for long periods of time and small businesses get wrecked everywhere. I put the odds of a short depression (-10% GDP for 6 months) at 50/50 at the moment and a longer depression at 25%.