After 2.4 million more Americans filed new unemployment claims last week — bringing the pandemic total to 38 million — experts' economic recovery predictions seemed to darken somewhat. Even normally upbeat White House economic adviser Larry Kudlow called indicators "downright bad." Federal Reserve Chairman Jerome Powell echoed other central bankers in calling it a "downturn without modern precedent" with a "whole new level of uncertainty." Meanwhile, congressional Democrats are pushing to extend a $600 weekly unemployment benefit until January, but Senate Majority Leader Mitch McConnell opposes it, calling it a "crazy policy" that might discourage people from working.
OZY's Butterfly Effect hacks the lockdown economy.