Goldman Sachs says the situation facing American workers will be worse than first thought.

Initially, the investment bank had predicted unemployment of 15%. It now says that statistic will peak at 25%. That’s on par with the Great Depression.

Second quarter GDP is now expected to tank 39% versus the 34% first predicted.

Since the coronavirus crisis hit the US, hotel, transportation and entertainment spending has become virtually nonexistent – plummeting 80-95%. Manufacturing output has declined 26%.

Source: https://www.cbsnews.com/news/unemployment-rate-hit-25-percent-great-depression/