Biggest Economic Downturn Since Great Depression Looms: Experts
Some economists fear the nation is heading toward the biggest economic downturn since the Great Depression, even as the Federal Reserve and Congress race to stop the collapse.
“Nobody is buying anything, and people can’t go out to work,” said Michael Klein, professor of international economic affairs at The Fletcher School at Tufts University. “With manufacturing, the international supply chains are tremendously disrupted.
“This could become a doom loop,” Klein added, noting the shock to the real economy, which impacts the financial sector, and back-and-forth. “These things can lead to a very, very bad outcome.”