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Brace yourself for a string of more bad economic news.
The stock market has lost more than a third of its value. America will likely set a record for joblessness claims this week. Private projections are bleak. On Friday, the investment bank Goldman Sachs estimated a 24 percent drop in economic growth in the second quarter.
As one expert put it, the economy currently sits in a medically necessary coma, a freeze on activity designed to prevent the spread of this deadly virus.
Now the government must ensure the patient can someday wake back up. But a trillion-dollar aid package is currently caught up in a multiday, partisan back-and-forth on Capitol Hill.
As Americans await its passage, here’s a recap on where things currently stand on the economic front:
It’s bad—historically bad. Sure, we already said that, but take an even closer look at the numbers, courtesy of our staff writer Annie Lowrey: “No one alive has experienced an economic plunge this sudden.”
The U.S. government needs to move faster. Small businesses are already teetering on the edge of an apocalypse, Annie argues in her follow-up piece, and need relief now.
This crisis is forging a weird partnership between Steve Mnuchin and Nancy Pelosi. The relationship between the speaker of the House and the Treasury secretary is now “central to staving off economic collapse.”
Denmark already took action. It went all-in on an aggressive domestic stimulus program, the kind that could help the world avoid a great recession, Derek Thompson argues.