Submitted by christian on Tue, 04/28/2020 - 10:55
- Real GDP Growth: -5.6% in 2020, 2.8% in 2021
- GDP to contract at 40% annual rate in the second quarter
- Federal Budget Deficit: $ 3.7 trillion
- Federal Debt: 101% of GDP by end of September
- Unemployment: 16% by end of third quarter, 10.1% at end of 2021
- Loss of 27 million in the number of people employed, exit of roughly 8 million people from the labor force.
- State and local governments budgets have been shattered by a plunge in tax revenues. New York City needs $ 7.4 billion in federal aid to offset economic losses.
