Agree with this: balance sheet damage will hinder recovery even when the virus subsides. But 20% unemployment in 6 months sounds wildly optimistic: we may well be there in *two weeks* 1/ https://twitter.com/NickTimiraos/status/1246026967729700865
Justin Wolfers thinks it's 13 percent already. 2/ https://www.nytimes.com/2020/04/03/upshot/coronavirus-jobless-rate-great-depression.html?action=click&module=Well&pgtype=Homepage&section=The%20Upshot
The Unemployment Rate Is Probably Around 13 Percent

It’s almost certainly at its highest level since the Great Depression. Here’s how we estimated it.

https://www.nytimes.com/2020/04/03/upshot/coronavirus-jobless-rate-great-depression.html?action=click&module=Well&pgtype=Homepage&section=The%20Upshot
And it won't just be damaged firm balance sheets. Also forced fiscal austerity by state and local govts 3/ https://twitter.com/paulkrugman/status/1246039487018414081
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