Saturday, March 28, 2020

US Might Experience Another Great Depression; Nation May See Repeat of 2008 Economic Crash

If the U.S. is on the verge of another Great Depression because of the coronavirus -- as seems likely -- that would happen because millions of ordinary working people can't show up for work in jobs that keep this country running, the Alternet website reports today (March 28, 2020).

Congress and President Trump reacted to this by passing a $2 trillion stimulus that expands unemployment benefits, will send a check to most American households, and provides $500 billion in industry bailout money.

This bill is expected to mute some of the worst economic effects of the coronavirus.

On the other hand, it may just be a repeat of the 2007-8 economic crash and stimulus, in which corporations and the wealthiest Americans recovered nicely but the rest  of the nation never regained its economic footing.

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