May 30, 2020
PUBLIC FINANCE > Budget > FY 2021

The Coronavirus Recovery Forecast Is Lengthening to ‘Months If Not Years’

Alison King ,



“If you’re selling that many fewer meals, it means you may have less profit, you pay less taxes, and so it goes,” Eileen McAnneny, president of the Massachusetts Taxpayers Foundation said.

Back in April, the foundation forecasted a V-shaped recovery. But, McAnenny said, “since then, it seems like with the gradual reopening of the economy, the recovery will take months if not years.”

For perspective, just last month, 20 million U.S. workers lost their jobs, more than double the total number of jobs lost in the 2008 recession. McAnenny said it took Massachusetts years to recover from that.