Coronavirus will haunt US economy for a decade and wipe out $8tn, says CBO

Unemployment is soaring to levels unseen since the 1930s Great Depression as Congress debates another $3tn aid package

The ongoing coronavirus pandemic will haunt the US economy for a decade, wiping close to $8tn off economic growth, according to new projections released by the Congressional Budget Office (CBO) on Monday.

In a letter to lawmakers CBO director Phillip Swagel projected the virus will reduce US economic output by 3% through 2030, a loss of $7.9tn.