by Mike ‘Mish’ Shedlock
Covid-19 will have a decade-long impact on the economy according to the Congressional Budget Office.
CBO Key Points
— CBO projects that over the 2020–2030 period, cumulative nominal output will be $15.7 trillion less than what the agency projected in January.
— CBO projects that over the 11-year horizon, cumulative real output (in 2019 dollars) will be $7.9 trillion, or 3.0 percent of cumulative real GDP, less than what the agency projected in January