Goldman Sachs attracted a lot of attention with its forecast that US GDP will be off 34% in the second quarter of this year. That is a very big number. It’s three-and-a-half times the worst quarter in US economic history since quarterly GDP stats began in 1947. (That quarter, by the way, was the first of 1958, the onset of a sharp recession, which featured, among other things, an “Asian flu.”) Here’s a little perspective on that number. That 34% figure is annualized, meaning it’s what the total decline would amount to… Read More