Another example of the damage done by government shutdowns over the COVID-19 “epidemic.” The percentage of firms that are zombies is now at 18.9%.

“Zombies” are firms whose debt servicing costs are higher than their profits but are kept alive by relentless borrowing, according to Axios.

Also helping the rise of corporate zombies and debt is the endless liquidity and low rates from The Federal Reserve.

When nearly 1 in 5 firms are zombies, it is time to re-open the economy.