Mnuchin warns jobless rate could hit 20 percent without federal response: report

[mystery-ak]

Mnuchin warns jobless rate could hit 20 percent without federal response: report
By Zack Budryk - 03/17/20 07:57 PM EDT

Treasury Secretary Steven Mnuchin told Republican Senators Tuesday that without government intervention the U.S. could hit 20 percent unemployment because of the coronavirus, Bloomberg reported, citing people familiar with the matter.

The Treasury secretary did not predict the U.S. would reach that level, but said he believed the outbreak has the potential to do more economic damage than the 2008 financial crisis as he argued for financial stimulus to hourly workers and businesses hurt by “social distancing” amid the outbreak.

“During the meeting with Senate Republicans today, Secretary Mnuchin used several mathematical examples for illustrative purposes, but he never implied this would be the case,” Treasury spokeswoman Monica Crowley told Bloomberg.

more
https://thehill.com/policy/finance/488143-mnuchin-warned-jobless-rate-could-hit-20-percent-without-federal-response

[jmyrlefuller]

What irresponsible headline writing. Besides, such a number would only be temporary, unless this was dragged out so long that it drove small businesses out of business. It of course would rebound once it became clear that the virus is no longer a threat and it is safe to gather together again.

[truth_seeker]

Qualifier "without federal response"

The government employees salivate for their share, of every crisis.

The media and their democrat partners, thrive on scaring people.

Listen to Dr. Drew, and he will explain Listen to Dr. Fauci, and follow his directions.


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[txradioguy]

"Without government intervention" = You've got to let us act like W and Obama when it comes to spending.