This commentary in Zero Hedge that refers to the above article has some more detail.
Closing quote here:
Yes, there will be ups and down ahead, and there will be moments of legitimate optimism.
18 million Americans remain convinced that these layoffs are just temporary and they will have their jobs back in six months. Given this survey, we suspect that number is extremely optimistic.
But nobody is going to be able to stop the process that has now begun, and economic conditions will ultimately become far worse than most Americans would dare to imagine.
There are those posters here who keep thinking it’s going to be mostly okay once we get back to work. I’ve been insisting all along that they were underestimating the damage done to the economy and that we have long needed to return to work to have any chance of ameliorating that damage. Which is now already in motion and will only get worse when states insist on remaining locked down until there’s a vaccine.
There is this list of companies that are already restructuring debt and possibly declaring bankruptcy. Once that is done, there will be no recouping money for them.
I keep saying sure the Fed can print money, but they can’t print the real economy.