In the spring of 2020, with the onset of a global pandemic, the US economy suffered a severe shock along with the economies of much of the industrial West. The stock market experienced a rapid collapse and tens of millions of jobs were lost within months.
The US government under former president Trump, followed by the Biden administration, feared the worst and spent trillions of dollars stimulating the economy, supporting both businesses as well as households. Surprisingly, the economy and the stock market recovered rapidly and within a few years all the jobs that were lost were recovered. Read more…