The U.S. is entering a recession. The ultimate fear is that could turn into a protracted malaise that has some flavor of a depression.
That's far from the base case, with many analysts and investors taking heart from signs of revival in the original epicenter of the coronavirus — China — and predicting a second-half upturn in the U.S. after the contagion hopefully subsides.
But as business activity halts and layoffs surge, some prominent economy watchers — including former White House chief economists Glenn Hubbard and Kevin Hassett and former Federal Reserve Vice Chairman Alan Blinder — have drawn comparisons to the Great Depression, though they've stopped well short of forecasting another one.