Will the virus ever allow the U.S. economy to fully reopen again?
http://dailytorch.com/2020/07/will-the-virus-ever-allow-the-u-s-economy-to-fully-reopen-again/
The U.S. economy contracted a record-setting, inflation-adjusted, annualized 32.9 percent in the second quarter of 2020 as tens of millions of Americans waited out the Chinese coronavirus in their homes, not venturing out much except for work and needed supplies, according to the latest data from the Bureau of Economic Analysis. The second quarter comprises of April, May and June, when 25 million jobs were lost by April and then 8.8 million came back in May and June as states slowly began reopening. It was by far the worst quarter in American history including the Great Depression, and gives you an idea of what a catastrophe the pandemic has been to the U.S. economy. And that’s with the $3.3 trillion of deficit-spending Congress has pumped into the economy since the beginning of the year — and counting as Congress considers phase four legislation — to cover payroll protection for small businesses, expanded unemployment benefits, checks to every household, plus payments to critical industries, larger businesses and state and local governments. When you ignore what the government did via the massive spending — government spending is calculated as a part of GDP — the hit to the private sector and the American people came in at a whopping 39.1 percent. Consider that. Closing the economy for a few months almost cut the private sector in half. How long will it take for the economy to recover, if ever?
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