The coronavirus recession is almost certainly here, and there’s nothing anyone can do to prevent it.

Our leading economic indicator, the purchasing managers’ index, has just fallen off a cliff. This is worse than 2008. The saving grace is that, as with a similar fall in GDP in 1957 with the Asian Flu, the economic fall is likely to be extremely sharp but also short, with a swift recovery. The relief package from Congress might well aid with this and reduce suffering in the meantime.