THE VIRAL RECESSION OF 2020

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THE VIRAL RECESSION OF 2020

Fri, 04/24/2020 - 03:32
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WARRENSBURG – Depression-level job losses, plunging stock markets, business closings … When the economy is in a slide and millions of people are jobless, national media comparisons between the 2020 Viral Recession and the Great Depression that started with the October 1929 stock market crash are typical, Dr. Rik Hafer said. He is an economics professor and directs Lindenwood University’s Center for Economics and the Environment, St. Charles. “The Great Depression stands out in American economic history because it is such a unique event. It’s like the laboratory for economists. It’s what everything gets compared to when we have these kinds of massive downturns,” Hafer said. THEN AND NOW How accurate is the comparison between today’s economic upheaval and the Depression nine decades ago? ‘ A visual similarity could be seen last week. Just as people waited in bread lines for food during the Depression, people from Excelsior Springs, Richmond and elsewhere waited in a food line to…

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