Back of the envelope calculations:

22 million workers laid off
155.8 million employed in March

Unemployment rate = 14.1%

Add in people who couldn't reach unemployment offices + gig workers

Actual jobless rate = 20%.

It is an economic catastrophe.

— Barry Ritholtz (@ritholtz) April 18, 2020

If the economy doesn’t significantly re-open in the next month or so, things are going to get very bad, like most liberals can’t even imagine (because they are are incapable of thinking about systems at all).

There will be no stimulus that can help, and the Great Depression will have to change its name to the “Great Prosperity” so that it becomes a valid comparison.