Mnuchin – 20% unemployment possible

Which would bring us into a depression.

Mnuchin warns virus could yield 20% jobless rate without action

Treasury Secretary Steven Mnuchin raised the possibility with Republican senators that U.S. unemployment could rise to 20% without government intervention because of the impact of the coronavirus, according to people familiar with the matter.

Mnuchin discussed the scenario with the lawmakers on Tuesday as he proposed an economic stimulus of $1 trillion or more.

He told the senators that he believes the economic fallout from the coronavirus is potentially worse than the 2008 financial crisis.

 

18 views
READ  Jobless claims: Another 965,000 Americans filed new unemployment claims last week
READ  $9 Billion California Unemployment money sent to other countries