The second Great Depression

The Atlantic/Anne Lowrey

graphic image of a maze with no exit“Excitement about reopening aside, that third and most miserable course is the one we appear to be on. The country will rebound, as things reopen. The bounce will seem remarkable, given how big the drop was: Retail sales rose 18 percent in May, and the economy added 2.5 million jobs. But absent dramatic policy action, a pandemic depression is possible: the Congressional Budget Office anticipates that the American economy will generate $8 trillion less in economic activity over the next decade than it projected just a few months ago, and that a full recovery might not take hold until the 2030s.”

USAGOLD note: 2030s?  Apparently the CBO is not in the V-shaped recovery camp.

Repost from 6-24-2020

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