The second-quarter gross domestic product report issued Thursday showing the U.S. economy shrank by 9.5 percent from April through June wasn’t pretty. But while it’s no surprise that the coronavirus pandemic has hurt the economies of virtually every nation in the world, our economy is now on the rebound and the damage it suffered was not nearly as bad as it could have been.
Let’s start with an important fact: the economic shutdown in the U.S. was bipartisan, just as shutdowns around the world had the support of multiple political parties. The coronavirus originated in China and spread to every corner of the globe without regard to which political parties were in power.
Governors in the U.S. from both parties shut down their states’ economies in response to guidance from nonpartisan public health experts. The point was to combat the spread of the coronavirus, reduce its impact on our health care system, and protect the health and lives of the American people.
Both Democrats and Republicans knew the shutdowns would have economic consequences, but most deemed the tradeoffs worth the costs. As expected, we are now