Abstract. Apart from the US presidential election, a key event in 2020 was the COVID-19 pandemic, which left the economy in deep recession. D. Trump’s economic arguments, which formed the foundation of his election campaign, have completely depreciated, which became a significant factor in his election defeat. The exogenous nature of the economic crisis determines its features — the rapidity of development, the unusual depth of the GDP decline, a huge increase in unemployment, and the potential for a relatively quick recovery. The federal anti-crisis stimulus package passed by the Congress valued at about 13% of GDP and the rapid adoption of super easy monetary policy by the Fed softened negative social effects of the crisis. The crisis peaked in Q2 2020. The sharp drop in GDP in Q2 was followed by significant growth in Q3, but the labor market is improving at a slower pace. The timing and pace of recovery will mainly be determined by the success of the fight against the pandemic, which will be the main priority of the new American administration.