A long history of recessions, dating back to the founding of the republic, has allowed us to create a template for a typical downturn in the economy. The COVID-19 recession, mostly thanks to unprecedented government action, has distinct differences from the historical recessionary outline.
While differences appear large on the surface, a more in-depth analysis reveals a consistent fact pattern and one that clearly emphasizes why this recession will be more damaging. We know that the "shock" to the economy was among the worst ever experienced, but here I'm referring to the recovery that will