The Government Economy – WSJ
State and federal governments are now essentially running the American economy. How do you like it? That’s the biggest news in Wednesday’s initial estimate for first quarter economic growth, which shrank at a 4.8% annual rate. Governments shut down private commerce in March, and the private investment and consumption that drive American prosperity fell off a cliff.
And we’re only part of the way down. The second quarter began April 1, and economists vary in their estimates of how much more the economy will shrink through June….