On Thursday, the Department of Labor reported more than 6.6 million people filed new jobless claims over the past week. Combined with the nearly 3.3 million from last week, more than 10 million people since our economy largely shut down due to the coronavirus.
With the nation effectively on pause at least through April, what will the economic toll be over the next few weeks and how quickly can those losses be reversed once we’re past the crisis?
Brian Wesbury is chief economist at First Trust Advisors and is a former chief economist for the Joint Economic of Congress. He explains where he thinks our economy is headed, how strong the relief bill from Congress is and what the big economic lessons ought to be from this crisis.