Coronavirus may destroy 40% of the US economy, officials say
The coronavirus pandemic could wipe out 40% of the U.S. economy, quadruple the federal deficit to $3.7 trillion and push the national debt to nearly $27 trillion, the Congressional Budget Office reports.
Fiscal 2020 debt and deficit figures are on track to be the highest since World War II after Congress passed four massive coronavirus response bills; President Trump signed the measures.
Lawmakers will be ultimately be forced to tackle the government’s chronic financial woes given the looming insolvency of Social Security and Medicare, according to the Daily Mail. But when they do, almost none of them will have any experience in successfully doing so.
Congress has not passed a major attack on the deficit since a 1997 law that capped a decade’s worth of politically costly but effective reduction measures.
