Politico: Fears mount of a coronavirus-induced depression
Economists increasingly warn that Washington’s current efforts won’t be enough to fight a downturn approaching the devastation seen eight decades ago.
Forecasts of doom for the American economy are quickly turning from gray to pitch black.
As Congress haggles over a multitrillion-dollar coronavirus rescue package, analysts are warning the U.S. could face a prolonged depression rather than the kind of short recession and swift bounce back that President Donald Trump and his top aides expect. And they’re raising questions about whether current government efforts to cushion the economy from the damage will be anywhere near enough.
Across Wall Street and the economic world, forecasters are quickly ramping up their predictions of massive job losses and declines in economic activity by as much as an annualized 50 percent in the second quarter of the year. They’re offering estimates unseen since the Great Depression that began in 1929 and continued for a brutal decade, reshaping governments and economies across the globe.
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WNU Editor: The Russian in me says "hope for the best, expect and prepare for the worst". I am preparing for hard times. I am resigned that this pandemic will last into next year, and I base this judgment on history. Pandemics in the past always took a minimum of a year to burn themselves out, and I do not see this current pandemic as an exception to that rule.
More Commentary On Growing Fears That The World Is Facing A Global Depression
A U.S. recession? Probably. Depression? Only if the virus is untamed -- Reuters
Virus charts bode second ‘Great Recession’ -- Asia Times
Top economists see echoes of depression in US sudden stop -- Bloomberg
Coronavirus could plunge the global economy into a 'Greater Depression,' 'Dr. Doom' economist warns -- Business Insider
Coronavirus pandemic has delivered the fastest, deepest economic shock in history -- Nouriel Roubini, The Guardian
Why a Coronavirus Depression Could Be Worse than the Great Recession -- Hunter DeRensis, National Interest
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