The Congressional Budget Office forecasts GDP will fall at a 37.7% rate in the current April-June quarter, the biggest quarterly decline on record.
After adjusting for inflation, CBO said the lost output would total $7.9 trillion, a loss of 3% of inflation-adjusted GDP.“Business closures and social distancing measures are expected to curtail consumer spending, while the recent drop in energy prices is projected to severely reduce U.S. investment in the energy sector,” CBO Director Philip Swagel said in a letter.
“Last week we learned that over 40 million Americans lost their jobs as a result of this horrific pandemic,” Schumer and Sanders said in a joint statement. “Today, the CBO tells us that if current trends continue, we will see a jaw-dropping $16 trillion reduction in economic growth over the next decade.”
“In order to avoid the risk of another Great Depression, the Senate must act with a fierce sense of urgency,” Schumer and Sanders said.
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