a Portrait of Devastation

The last time the economy was in free fall, I wrote this: “The economy is unraveling so fast as to defy analysis through the usual statistical models. Among the phrases found in normally sober reports from the nation’s top economic forecasters yesterday: ‘god-awful,’ ‘wholesale capitulation,’ ‘shockingly weak’ and ‘indescribably terrible.’”

That jobs report, from November 2008, indicated that employers had cut 533,000 jobs. Analysts expect the April 2020 job losses to be 41 times worse.