WH Econ adviser Kevin Hassett to reporters this morning: “The unemployment rate is probably up around 19%. And those numbers are as startling as anything we’ve seen since the Great Depression.”
— Jim Acosta (@Acosta) April 30, 2020
Reality is gonna be a tough pill to swallow for a lot of people in the coming months.
Unemployment in 2007-2009 took two years to get to 15m before a peak. We doubled that in 6 weeks to 30 million. Keep in mind many people won’t be getting their jobs back immediately when we reopen.