We don't know what the world will be like in 1 month. Everything could be back to normal and this disease mostly stabilized. Or we could have 25% unemployment and hundreds of thousands of people dead. There is no telling. My instinct is that we are overreacting to the infection. But it appears that I am likely wrong. In either case the damage to our economy is going to be immense. The fiscal deficit to our federal government will be around 3 trillion dollars for this year, perhaps more. The total size of the American economy is 21 trillion dollars per year.

We already have plenty of people that are out of a job and this will go on for at least one more month. Our unemployment offices are already overloaded. Stock markets have fallen faster than ever recored, even surpassing the crash of the Great Depression in 1929. This is where we are right now. And it may get much worse in the form of people dying from this disease.
I already feel less free. All of us do. We can't just get in our cars and go wherever we want right now. We are hearing that the communist government of China got this disease under control by means of their police state. If you coughed or appeared sick a police or military officer would follow you home and lock you inside. so the reports are that China has this disease under control and is recovering. Western Civilization is now one of the worst hit of any territory on Earth, because in our culture we would refuse any type of government control. Most of us would rather die than to loose our hard won freedoms.
But we do not know what measures our government might take over the next month or even this week to slow the spread of this pandemic. We may not be allowed to leave our homes except to get food. Domestic air travel could be grounded. Non-commercial travel across state lines could be prohibited. The federal government has already deployed the National Guard in New York, California, and Washington State.
For now it appears that America is handling this pandemic fairly well. This statement is based on the ratio of fatalities to infections.

Source: corona-data.ch
Archived Source: corona-data.ch
Originally published March 23, 2020
Sources:
Bloomberg - 30% Unemployment
Washington Post - National Guard Activated
CNBC - Stock Market Crash