The Washington Times:
The Congressional Budget Office is predicting the economy will come roaring out of the coronavirus recession with growth surging to 12.4% the rest of this year, before settling back into the longer-term trend of about half that.
HALF THAT IS 6%, also large by historical standards. Historical average is roughly 3% per year. Here’s a chart for each U.S. President starting with Hoover (SOURCE: https://www.thebalance.com/gdp-growth-by-president-highs-lows-averages-4801102)
Unemployment will peak at more than 14% but “fall quickly” as the economy rebounds later this year and into next year, the CBO said in its new update Thursday.
The projections assume that most social distancing requirements will fade — though new mandates coinciding with coronavirus flareups are also incorporated. That lessening of restrictions will unleash the economy.
“Real GDP and employment are projected to rebound quickly in response,” CBO said.
CBO analysts said low-income workers — and African Americans, Hispanics and women — have been hit particularly hard by the downturn, chiefly because they were more likely to hold jobs in the service sectors that were hardest-hit.