The lockdowns have caused enormous destruction. Some economists quite reasonably expect the unemployment rate in May to hit 20 percent. [already 16%] Other economists have estimated that second quarter GDP will fall by 35 percent on an annual basis.
[Interesting distinction —>] Although voluntary social distancing on its own would have led to large increases in unemployment and large drops in GDP, a reasonable estimate is that the government-enforced lockdowns, combined with absurdly high federal subsidies to unemployment insurance, have caused over half of the increase in unemployment and over half of the drop in real GDP.
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