2020 Economic Adjustment: How Severe?

An appropriate opening might be Percys post: Message 5506I've done a lot of reading. I go to different sources and my conclusions regarding the news-at-large are the result of evaluating the truth and liklihood of each story I read.here are a few recent ones that caught my eye: Dow's Dive Erases All Gains Under Trump The coronavirus that causes COVID-19 needed more than three months to infect 100,000 people worldwide, most of them in China. But the number of cases has surged since hitting that milestone earlier this month, with health agencies reporting another 100,000 people becoming infected in just 12 days, the World Health Organization said Friday.Thus, the obvious trigger for the overdue correction in the markets has been and will continue to be the pandemic. How bad will this be?
The grocery store that I work at often looks like this after a long day: The economy will take a bigger hit then it did in 2007-2008. It will likely take ten years to get out of this mess.This last article summarizes the problem:
U.S. Economic Slowdown In Coming Months Expected To Be Worst On Record

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The U.S. economy has never hit the brakes quite like this before.

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While the course of the coronavirus pandemic is unpredictable, forecasters are using their economic models and making some educated guesses about just how bad the damage will be. The forecasts are not pretty:

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Oxford Economics expects the U.S. economy to shrink at an annual rate of 12% between April and June.

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JPMorgan Chase sees a second-quarter contraction of 14%.

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Goldman Sachs warns of a jaw-dropping 24%.

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By comparison, during the worst quarter of the Great Recession in late 2008, the economy shrank by 8.4%. Quarterly records go only as far back as the 1940s, after the Great Depression.

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Im really really pissed! I predicted a market correction in 2020, but I had no idea it would potentially be this bad! Money is literally evaporating! Here’s a breakdown of the Fed’s rescue programs to keep credit flowing during the pandemic

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Fed throws kitchen sink at crisis, but market wants more

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I fear tough times. Its not fair to people like me. But it must be God's will. Either that or we caused it, as jar suggests.

Not too many analysts are optimistic about the economic future of the United States. About the only thing you called was that the bill Will Get Paid. My retirement is virtually wiped out, all I have is social security and a modest pension which could also evaporate, and the only solace I have is that many will share my boat. I know you always laugh at Biblical Literalist prophecy and predictions---you claim that it is silly and unproven. All I can say is that for many older Americans, surviving the coronavirus is just the first step. Avoiding homelessness is a real possibility.

The market is attempting to rally and is up slightly today, but I fear that upcoming events will prove to be the nails in the coffin. But where will the money come from to provide secure retirements? They cant simply keep creating money out of thin air to ease the economic impact of COVID-19. The global economy will have to reopen in order to prevent a global depression. I predict several things:

China will emerge from this as the global superpower 5 years ahead of schedule.

The US Dollar will tank and we will have as tough of a time as anything they had during the Great Depression

Even if the armageddon bunch is hopefully wrong, our environmental damage is increasing alarmingly and the global warming ecological predictions will likely come true in the worst possible way. This pandemic is only the beginning of many upcoming global challenges. And again I ask for an answer: Where will the relief money come from? We have basically used up our bag of tricks. The Bill Will Get Paid and it will hurt a lot of people.

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The only way I know to drive out evil from the country is by the constructive method of filling it with good.Calvin Coolidge
"A lie can travel half way around the world while the truth is putting on its shoes." ~Mark Twain "
As the fear of God is the beginning of wisdom, so the denial of God is the height of foolishness.-RC Sproul, Essential Truths of the Christian Faith

- You can safely assume that you've created God in your own image when it turns out that God hates all the same people you do. Anne Lamott
Believe those who are seeking the truth. Doubt those who find it.~Andre Gide

And what I'm saying is that with a likely Depression and job losses coming, we simply don't have the money to do anything. Unless we somehow tax it back from the rich. And they can simply move. The Dollar itself will; be the next bubble. We likely will see inflation take off just when we all need to buy things.