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The Next Global Depression Is Coming and Optimism Wont Slow It Down
Key Excerpts from Article on Website of Time magazine


Time magazine, August 6, 2020
Posted: August 16th, 2020
https://time.com/5876606/economic-depression-coronavirus/

Were headed into a global depressiona period of economic misery that few living people have experienced. Depressions dont just generate ugly stats and send buyers and sellers into hibernation. They change the way we live. COVID-19 fears will bring lasting changes to public attitudes toward all activities that involve crowds of people and how we work on a daily basis; it will also permanently change Americas competitive position in the world and raise profound uncertainty about U.S.-China relations going forward. Most postwar U.S. recessions have limited their worst effects to the domestic economy. But most were the result of domestic inflation or a tightening of national credit markets. That is not the case with COVID-19 and the current global slowdown. This is a synchronized crisis, and just as the relentless rise of China over the past four decades has lifted many boats in richer and poorer countries alike, so slowdowns in China, the U.S. and Europe will have global impact on our globalized world. The Congressional Budget Office has warned that the unemployment rate will remain stubbornly high for the next decade, and economic output will remain depressed for years unless changes are made to the way government taxes and spends. Those sorts of changes will depend on broad recognition that emergency measures wont be nearly enough to restore the U.S. economy to health. Whats true in the U.S. will be true everywhere else.

Note: A CNN article dated Aug. 15th is titled "1 in 4 young people are reporting suicidal thoughts." A USA Today article states, "More than 40% of respondents who completed surveys during June reported an adverse mental or behavioral health condition, and 11% reported having seriously considered suicide in the 30 days prior." It's possible that deaths from suicide, domestic violence, hunger, and more will significantly exceed the number of virus deaths. For more, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.


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