Don't Count On a Spectacular 2020 Economic Recovery
Some people think the Great Depression, which began in 1929 during the presidency of Herbert Hoover, ended shortly after Franklin D. Roosevelt replaced him in 1933. Not so. It went on and on and on — and on. As late as January 1941, the unemployment rate was still 10.5%. That is useful context as we consider our current plunge into the abyss, which has now consumed about one-fifth of the U.S. labor force in seven shattering weeks.
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