Right, if you look at unemployment and the output gap in general as a % of the non government sectors
The drop is probably close to double the headline numbers.
This was a serious collapse of aggregate demand left to run it’s own course and reversed around year end only
due to the automatic stabilizers doing their thing the very ugly way.
A proactive fiscal adjustment — payroll tax holiday, per capita distribution to the states, etc. could have averted most of the economic losses that were allowed to happen.
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