"Coronavirus will haunt US economy for a decade and wipe out $8tn, says CBO"

"The ongoing coronavirus pandemic will haunt the US economy for a decade, wiping close to $8tn off economic growth, according to new projections released by the Congressional Budget Office (CBO) on Monday. In a letter to lawmakers CBO director Phillip Swagel projected the virus will reduce US economic output by 3% through 2030, a loss of $7.9tn. 'Business closures and social distancing measures are expected to curtail consumer spending, while the recent drop in energy prices is projected to severely reduce US investment in the energy sector,' Swagel wrote in response to an inquiry from Senator Chuck Schumer. 'Recent legislation will, in CBO’s assessment, partially mitigate the deterioration in economic conditions.'... But the moves have not stopped unemployment soaring to levels unseen since the 1930s Great Depression. So far some 40 million Americans have lost their jobs... "