USA heading for deep economic downturn

We've just go the first of the regional Fed surveys for the US for March, the 'Empire State' (NY) survey. It fell sharply.  Now, note, this was before any US lockdown.  It was a consequence of the steep decline in China in February.  In the last few days we have seen lockdowns in several European countries, and at some point, because the US has been so dilatory in dealing with its own coronavirus epidemic, in the US too.  During this crash, companies and individuals who started out with too much debt or not enough cash will go bankrupt.  So even when the epidemic dies down (if it does!) spending growth won't pick up quickly.  Based on the Empire State survey we are already looking at a downturn which is at least as bad as the GFC in 2008/2009.  But economic activity will decline steeply in April and May and may level off in June.  We could be looking at a 8-10% year-on-year decline in GDP in Q2.