The widespread shutdown of the American economy because of the coronavirus could spark a repeat of the Great Depression, former Trump economist Kevin Hassett said
New York The widespread shutdown of the American economy because of the coronavirus could spark a repeat of the Great Depression, former Trump economist Kevin Hassett told CNN on Thursday.
The startling warning from a former White House adviser comes as Wall Street banks say the United States faces an historic collapse in GDP and mounting job losses. The outbreak has brought the American economy to a near-standstill. Health restrictions have forced retailers, casinos, restaurants and universities to go dark. Once-bustling airports are deserted. Highways and subways are empty. Factories are shutting down. $1 trillion deficits and near-zero rates.
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