We've been warned to brace ourselves for over 100,000 deaths, maybe over 200,000, from the new coronavirus that as yet has no vaccine or cure. We also need to brace ourselves for an economic tsunami that is unlike anything we've seen before.

Two weeks ago there were 3.3 million first-time unemployment claims. Last week, we learned Thursday, that doubled to a record 6.6 million. The St. Louis Federal Reserve projected Monday that 47 million Americans could be laid off in the coming weeks and months, as the damage from this terrible virus mounts. This translates to a 32.1% unemployment rate.

Even at the depth of the Great Depression nine decades ago, the official jobless rate peaked at “just” 24.9%. And during the Great Recession of 2007-09, the country wasn’t on lockdown. You could fly and eat out, and the unemployment rate peaked at what may soon seem like a quaint 10.0%.

In 2001, the economy was in a recession even before the terror attacks on New York and Washington. We were told to go shopping, eat out, visit Disney World to keep the economy going. American consumers — who account for about 70% of U.S. economic activity — kept things afloat.

Source: https://www.usatoday.com/story/opinion/2020/04/03/coronavirus-economic-crash-record-unemployment-column/5115689002/