We are in a recession, and it’s going to be a sharp recession,” said economist Alicia Modestino, associate director of the Dukakis Center for Urban and Regional Policy. Even the White House agrees this is the worst decline for the U.S. economy in decades. That’s not out of the question at this point.”ADIt took three years to climb out of the Great Recession and more than a decade to recover from the Great Depression of the 1930s. Economists say the government was too slow to act and too stingy with aid in the past, mistakes that should not be repeated now. ADThe 4.8 percent decline marks the worst quarterly fall for the economy since the fourth quarter of 2008, when the economy contracted at a 8.4 percent pace.

Source: Washington Post April 29, 2020 12:35 UTC