St Louis Fed predicts 30% unemployment, 50% decline in GDP

This week is when the American people who are not finance and economics geeks get to see what governors and mayors have done to our country in their coronavirus hysteria.

The cable news folks have been watching clutches their pearls about how hundreds of people have now tested positive for having a seasonal cold and dozens more have died, mostly people in nursing homes who were six months away from a stroke anyway. So far, that’s the only information most of the American public has had about this situation, unless they personally are watching their business get destroyed or are filing for unemployment.

But real economic data is going to start coming in this week, and it’s going to slap America upside the face bigtime. Millions unemployed. Our GDP shrunk to the size of a third-world country overnight.

The folks asking passionately “Is this worth it?” will hardly be alone, though I doubt they are right now.

Article here.

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