31 0

Last week, the head of the St. Louis Federal Reserve, James Bullard, predicted that in the second quarter of 2020, the U.S. economy could see a 30 percent unemployment rate and a 50 percent drop in gross domestic product. Both of these numbers far surpass their respective equivalencies during the Great Depression, with the slash in GDP dwarfing the downturn of the 2008 crash by factors of 10. “This is a planned, organized partial shutdown of the U.S. economy in the second quarter,” Bullard said during the press call, voice quiet and flat. “It is a huge shock, and we are trying to cope with it and keep it under control.”. As most workers in this country live paycheck to paycheck—some surv... Full story

30 March