Robert Samuelson: “When I began writing about economics in the early 1970s, I made a private vow that I would never use the word ‘depression’ in describing the state of the economy. The economists and politicians who occasionally did so were, I thought, engaged in partisan hyperbole. Their game was to scare people into thinking the end of the world was at hand or to pressure Congress to enact a favored piece of economic legislation.”

“Well, times change. I revoke my vow.”

“It’s not that I’ve concluded that we’re already in a depression. But we could be. For the first time in my life, I think it’s conceivable. This obviously would be a big deal. It implies permanently higher levels of unemployment (though joblessness would still fluctuate), greater economic instability and a collision between democracy and the economic system.”

“The world is almost certainly ensnared in a devastating recession delivered by the coronavirus pandemic,” the New York Times reports.

“Now, fears are growing that the downturn could be far more punishing and long lasting than initially feared — potentially enduring into next year, and even beyond — as governments intensify restrictions on business to halt the spread of the pandemic, and as fear of the virus reconfigures the very concept of public space, impeding consumer-led economic growth.”

“The pandemic is above all a public health emergency. So long as human interaction remains dangerous, business cannot responsibly return to normal. And what was normal before may not be anymore. People may be less inclined to jam into crowded restaurants and concert halls even after the virus is contained.”

A record 6.6 million Americans filed for unemployment benefits last week, marking a drastic downshift in the U.S. labor market caused by the coronavirus pandemic, CNBC reports.

Bloomberg: “The figure topped all analyst estimates and compared with a median projection of 3.76 million.”

New York Times: “The speed and scale of the job losses is without precedent. Until last month, the worst week for unemployment filings was 695,000 in 1982.”