WASHINGTON – A lost decade for America’s Economy, that could be what lies ahead according to the Congressional Budget Office.
On Monday the office said it could take most of the next ten years for the U.S. Economy to recover from the impact of the Coronavirus.
The office warns the pandemic will cut economic output over the next decade by $7.9 trillion, or three percent of GDP during the decade. That’s compared to projections from January.
The total damage comes to $15.7 trillion, or 5.3 percent of GDP and that’s without accounting for inflation.
The office clarified its statement though, cautioning that there is a lot of uncertainty in its forecasts.
That’s because the course of the pandemic is unknown, and it’s not clear how the economy will respond.