Speaking to reporters on the White House lawn on Sunday morning, Hassett said the unemployment rate could hit 16% and "the next couple of months are going to be terrible" for economic data.
"We see an unemployment rate that approaches rates we saw during the Great Depression," Hassett told ABC's "This Week." "During the Great Recession we lost 8.7 million jobs in the whole thing. Now we're losing that many every 10 days, so the lift for economic policy makers is an extraordinary one." "A lot will depend on what happens next," Hassett said about the chances of seeing a V-shaped economic rebound rather than a longer U-shaped return to economic growth. "What we've done with the previous legislation is built a bridge hopefully to the other side of the disease, but then we have to make sure we have what it takes to prosper. "
Wallace questioned the Treasury Secretary's confidence, citing numbers including the nonpartisan Congressional Budget Office projecting GDP will shrink by 5.6% this year and unemployment end 2020 close to 12%. The Fox News host also noted that Mnuchin's former employer, Goldman Sachs, says the global hit will be four times worse than the 2008 Great Recession.
Hope we aren’t paying our WH economic advisers at rocket scientist salaries 🥴
Bullish
Which will cause more societal problems than the Coronavirus ever did.
Bullish I suppose
Then reopen. Only reason to stay closed is political.
Wow didn't know it takes a rocket scientist to figure that out
Thank you so much Cuomo and deblasio for literally distorting BROOKLYN small businesses.
and worse, all those that agree with the shut down need to be sued for helping to create mass hysteria in America and the world over a cold virus. MM arr
Never forget !!!!!!
I remember the 5 lb. blocks of government cheese from the early 70's. Really decent cheese and hope they re-issue. Sorry, no job but how about some cheese.
Anything to avoid having a strong economy
More of Trump's winning? TidePodPresident ResignNowTrump
CaliCali2000 If reopening the economy now instead of containing the spread first, the unemployment one or two months later may even exceed the Great Depression. The sad thing is many more Americans will die due to the early reopen.😰😰
Totally worth it to avoid getting a head cold
Dow down another 1000 points tomorrow
Huge if true...