Federal policymakers must act boldly in order to prevent the coronavirus recession from becoming a depression.
The coronavirus recession is well upon us. In the U.S., layoffs related to the coronavirus began to intensify around the middle of March. By mid-April, the labor market had shed more than 20 million jobs, by far the most dramatic job loss on record—about two and a half times the job loss of theGreat Recession. And the situation continues to deteriorate—an additional 12 million workers have applied for unemployment compensation since mid-April. There has never been anything like this.
If all workers who are out of work as a result of the virus had shown up as unemployed, the unemployment rate would have been 23.5 percent in mid-April instead of 14.7 percent. And the situation is going to get worse before it gets better—reasonable forecasts predict that the unemployment rate will average over 30 percent in May and June. Further, because our health system ties health insurance to work, people aren't just losing their jobs.
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