I´m Impressed by the human drama involved in US massive unemployment numbers. 20.5 million unemployed in one month. More than 1/3 from the low-income segment. Plus 11 million in part-time work. Half of the population is now not employed 1/5 nytimes.com/interactive/20… 
There will be no V-shaped recovery anywhere in the world. Many people will not recover their jobs. The crisis exposes the fragility of the social safety net in the US. No paid sick leave and health coverage just when employed. Life expectancy came down(!) in the last 3 years. 2/5
Until recently, mainstream economics still saw the US as the benchmark country, or as a recent paper said, the country “with fewer distortions” i.e. closer to GET (without money or State). GET and the miscalled welfare theorems still dominating. That has somewhat changed.3/5
After decades of neglect, economics is again dealing with income distribution. Economics getting slightly away from the Kenneth Arrow accusation at the 1973 AEA meeting “The world is full of injustices and the writings of economists full of attempts to disguise them.”4/5
A new Wall Street rescue is ongoing in a system addicted to debt and overblown finance with great leeway to create inside liquidity and leverage. Inequality increasing. Will there be a new Roosevelt to introduce reforms in the system, like in the 1930s New Deal? Not likely.
From the Nobel Prize winner Angus Deaton 2020 book “Deaths of despair and the future of capitalism” : “between 2014 and 2015, 2015 and 2016, and again between 2016 and 2017, life expectancy fell for the US population as a whole.”
