That is only matched by 1930’s Recession….
The next economic quarter is most likely gonna be much worst with job cuts accelerating in some places and slow business recoveries…
Donald Trump is in trouble like a lot of people…
He could lose his job also…
Spending by Americans tumbled 7.6 percent, and business investment shrank 8.6 percent, according to the Commerce Department report, which gives the first comprehensive look at how painful the economic fallout from the pandemic has been. Although Americans flooded grocery stores to buy food and supplies, it was not nearly enough to offset lost spending on dining out, car sales, entertainment and more.
The worst is yet to come, many analysts say. The second quarter is likely to show a decline of more than 30 percent — a level not seen since the Great Depression — as much of the economy entered a deep lockdown to try to encourage people to stay home to stop the spread of the virus.
“There’s really no question about it. We are in a recession, and it’s going to be a sharp recession,” said economist Alicia Modestino, associate director of the Dukakis Center for Urban and Regional Policy.
Even the White House agrees this is the worst decline for the U.S. economy in decades. The question is how long the pain will linger for the millions of Americans who have lost their jobs and for small-business owners on the verge bankruptcy….