Recoveries from slumps (business cycle down-turns) have been getting gradually slower over the decades for reasons not entirely understood. The cascading effect of job loss and purchase reductions causing each other to grow worse seems harder to undo these days.
We were overdue for a slump even without the virus such that we probably should assume it will progress (or not progress) like a typical modern slump, with its slow recovery.
Ideally we'd pay down the debt during the up times so that we can have big stimuluses during slumps. There's a lot of old infrastructure to be repaired in the US anyhow. Unfortunately Wash. DC lacks such discipline: they failed to save up for a rainy day, and it's pouring now.
We were overdue for a slump even without the virus such that we probably should assume it will progress (or not progress) like a typical modern slump, with its slow recovery.
Ideally we'd pay down the debt during the up times so that we can have big stimuluses during slumps. There's a lot of old infrastructure to be repaired in the US anyhow. Unfortunately Wash. DC lacks such discipline: they failed to save up for a rainy day, and it's pouring now.