Slow to enter the crisis, the US is now recording numbers of COVID-19 infections that dwarf any other nation.
The unemployment figures last week were mind-blowing: 6.6 million new claimants, taking the total over 10 million. Five years of record employment wiped out in one short fortnight.
Trump says the economy will"sky-rocket" once this is all over, but few economists agree with him. Rather, this is going to get dramatically worse before it gets better, and in every sense.The White House, often the purveyor of questionable optimism throughout this crisis, concedes it will do well to keep the number of deaths below 100,000. Even if it succeeds that will nonetheless be a truly devastating loss of life for this country, on a scale far greater than even the Vietnam War.
The economic effects will outlast the virus itself. Modelling carried out by The Federal Reserve Bank of St Louis puts eventual job losses at 47 million, 32.1% of the labour market.
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