The total number of coronavirus cases in the United States has now exceeded well over one million. The American death toll, over 60,000 now (that we know of), has surpassed that of the Vietnam War…in just 2 months. But today’s post is not about the horrendous health impacts of the virus so far, but the economic impacts yet to come.
The bad news is that our economy was reported this week to have shrunk by nearly 5% in the first quarter, the worst performance since the recession of a decade ago and probably the forerunner of a much steeper collapse in the second quarter that could be the worst one since the Great Depression, 90 years ago!
But in spite of these things, the White House on Wednesday declared its response to the crisis “a great success story”.Continue reading“The Impact of Coronavirus on our Economy”