When will the economy be good again?

We know the US economy is bad right now. Millions of people have lost their jobs, and millions more will. Estimates for how much unemployment is expected to spike and GDP will fall are staggering. Production and spending across much of the country have been brought to an abrupt halt.

It’s natural to want to see a light at the end of the tunnel, obviously in terms of the health crisis caused by coronavirus but also for the economy. And there will be one — eventually.

“The very best case...