The decrease in GDP in the first quarter was driven by a decline in consumption and investment.
The new numbers demonstrate the severe economic damage and significant fiscal implications of this unprecedented crisis.
Social Security and Medicare are facing serious financial difficulty in the near future.
The official unemployment rate was 4.4 percent in March 2020, up from 3.5 percent in February. That increase was the largest of any month since January 1975.
High healthcare spending is not necessarily a bad thing, especially if it leads to better health outcomes. However, that is not the case in the United States.
Compared to historical trends and other advanced economies, corporate tax revenues in the United States are at very low levels.