Budget office projects $16 trillion in lost output because of pandemic

Tuesday, June 2, 2020 | Tag Cloud Tags: , , , ,

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(Worthy News) – The Congressional Budget Office projected Monday that the country will lose nearly $16 trillion in gross domestic product over the next decade because of the pandemic.

The CBO, Congress’s nonpartisan group of budget and economic experts, projected that economic output, adjusted for inflation, would not return to the pre-pandemic trend until near 2030.

The report states that “business closures and social distancing measures are expected to curtail consumer spending, while the recent drop in energy prices is projected to severely reduce U.S. investment in the energy sector.” [ Source: Washington Examiner (Read More…) ]

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