CBO projects 38% drop in GDP, $2.1 trillion increase in the deficit

CNBC/Jeff Cox/5-19-2020

graphic image of the word unprecedented in scrabble letters“The forecasts are roughly in line with Wall Street economists and slightly less dour than the most recent tracking number from the Atlanta Federal Reserve, which sees GDP falling about 42% in the April-to-June period.”

USAGOLD note: In our more than forty years in the investment business, we have never seen numbers like these come up for the consideration of investors. Everyone is hoping for a sharp upside correction once we get clear of the virus.  At the same time, some pretty heavyweight economic thinkers believe that the damage done has been so compelling that recovery is years away – at best.

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