The damage will continue to grow the longer the shutdown continues. At some point it will start compounding, growing at a faster rate out of proportion to the time that is passing. Keeping the economy closed now is unnecessarily so the compounding damage is a choice.
Merely a few of the articles in recent days:
- Guess on GDP shrinkage in next quarter
- Disproportionate number of poorer households hit by job losses
- Collapse of tax revenue in New York state
- Collapse of home sales in Southern California
- Another retail chain announce store closures and another announces liquidation
It is imperative to reopen the economy in full, not just for ‘curb-side delivery.’ If we don’t open soon, I fear the following articles will be mild in comparison to what we will see in the future.
This discussion will be posted on several of my blogs.
5/16/20 – Fox Business – US GDP could sink over 40%: Atlanta Fed – Federal Reserve Bank of Atlanta is forecasting a 42.8% drop in GDP for the second quarter of 2020.