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We're going to see an economic contraction due to COVID-19. No one knows how deep it will be, but there are going to be sectors of the economy that experience depression-like pain. Restaurants, bars, travel, etc. are very likely to see 50%+ year-over-year declines in revenue. I don't know how long this will last, but based on past experience with coronaviruses we should assume that it won't be brief. We should assume this will last 6, 9, 12 or more months.
Now, all recessions are painful. But most past recessions are just monetary events that