The US just reported disastrous Q2 GDP results, indeed, the worst on record. Output fell 9.5% in the three month through June or an annual 32.9%. At the same time unemployment claims in the week ended July 25 soared by 1.43 million to a total reported since March 21 of 54.1 million. These developments are pushing the economy into a deep recession, if not depression, as the coronavirus pandemic has forced many businesses including restaurants, cafes, stores and factories to close and people to stay at home, hurting consumer and business spending.
The economic numbers are getting worse by the day and there is no indication that the situation is getting any better soon. More then likely the situation is getting much worse. If Congress does not pass legislation to extend the unemployment benefits, the outlook is dire. Too many Americans and their children are already suffering from hunger. A failure by Congress to provide the proper funding could push the country into a period of famine and peril.