Will Coronavirus Create a Nation of Savers?
The U.S. Consumer Confidence Index has dropped by 30 percent since February, from 101 down to 71.8—the lowest it’s been since December 2011. Unemployment is at its highest since the Great Depression, and many families and businesses are already unable to pay their rent or mortgage among other expenses. Many citizens and experts have expressed fear that America might experience another depression. “We have never seen anything like this," says Princeton University professor and economist Alan Blinder regarding the recent number of unemployment claims. “This looks likely to be deep enough to qualify as a depression."