The CBO is projecting that second-quarter GDP, adjusted for inflation, will plummet at a 37.7% annual rate following a 4.8% decline in the first quarter. (Image: Thinkstock)
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.).
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
