That's the number of Americans who've filed for unemployment. But there's more: small businesses are going bust, banks are insolvent but kept alive solely by The Fed's multiple and serial cash injections. Airlines, truckers, cruise lines, insurance companies, states, cities and others are either broke or tottering. And who can leave out failed or delinquent mortgages and an overpriced housing market?
Meanwhile, the economically deluded attribute all of the above to a virus.
You know you're in trouble when the national debt is greater than your GDP. You know ruination is ahead when you can't possibly meet your entitlement obligations. You know that demand and supply-side economics aren't worth two-shits when the printing presses are at it as if fiat money was going out of style. You know you're economically dead when public enemy number one, otherwise known as financial deregulation, is once again deliberately left free to do its disastrous economic work.
So, in the final analysis, going to hell economically ain't the work of a virus that kills less people than your average seasonal flu.
But it does make for a convenient excuse and no finer example of a classic red herring.
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