The curtailment in economic activity will be deep, so the question is: How long will it last? Nobody knows with a high degree of confidence; however, the measured resumption of economic activity in China a few months after the COVID-19 outbreak was first seen is an encouraging sign that the economic effect may be less severe than “another Great Depression” (the phrase you used).
So far the positive I've seen is that we're in an election year and both parties are winning to offer relief. The other item is you have to consider where we're starting from, which put our starting point at extreme consumption.
Are things going to get worse, yes, but I think we are at a decent starting position.
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