In 20Q1, US GDP fell 4.8% on an annualized basis; 1.2% on a quarterly basis. In 20Q2, I expect US GDP to fall by 30% annualized, or 7.5% on a quarterly basis. Combined, the GDP decline in 20H1 totals 8.7%. With some luck, strong GDP growth returns in 20Q3! By comparison, GDP declined 4% during the Great Recession, and by a whopping 31% in the Depression. This is no depression.