The Congressional Budget Office is projecting that the U.S. economy will not make up losses due to the COVID-19 pandemic and subsequent lockdowns until 2030.
The cumulative real economic output in 2019 dollars through 2030 will be $7.9 trillion, or 3%, less than what the agency had projected in January. In nominal terms, the shortfall is estimated at $15.7 trillion, according to an analysis comparing the CBO’s latest projections with those it released in January that was requested by Senate Minority Leader Charles Schumer (D-N.Y.).