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left-of-center2012

(34,195 posts)
Tue Mar 17, 2020, 11:13 PM Mar 2020

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.

Extraordinarily high unemployment, he said, is a possibility if lawmakers don’t swiftly provide financial assistance to wage workers and small- and medium-sized businesses.

For many lawmakers, plunging stock prices and an abrupt drop-off of consumer spending during a time of social distancing has crystallized the need for Congress to act quickly and boldly.

Read more: https://www.bloomberg.com/news/articles/2020-03-17/mnuchin-warns-virus-could-yield-20-jobless-rate-without-action-k7wheob8?srnd=premium

9 replies = new reply since forum marked as read
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Mnuchin Warns Virus Could Yield 20% Jobless Rate Without Action (Original Post) left-of-center2012 Mar 2020 OP
Did he mention that to Democratic Senators too? Generic Brad Mar 2020 #1
Typo? nt intrepidity Mar 2020 #5
20%? in my home it's 80%.... getagrip_already Mar 2020 #2
What the Hell? Midnight Writer Mar 2020 #3
if we are very lucky... 20% lapfog_1 Mar 2020 #4
"50% or more... 1930 all over again" left-of-center2012 Mar 2020 #8
only 20%? that'a ludicrous AlexSFCA Mar 2020 #6
What's the % of Entertainment Service Providers in Big Cities Stallion Mar 2020 #7
Will no one think of the stockholders? KatyMan Mar 2020 #9

getagrip_already

(14,766 posts)
2. 20%? in my home it's 80%....
Tue Mar 17, 2020, 11:23 PM
Mar 2020

I was laid off in feb, and including me 4 of 5 people in my house are out of work. 3 laid off this week.

We aren't unskilled or in an economically deprived area. 2 of the 4 of us have college degrees and extensive experience. The others are skilled workers with good job histories.

20% is optimistic.

Midnight Writer

(21,769 posts)
3. What the Hell?
Tue Mar 17, 2020, 11:24 PM
Mar 2020

If Mnuchin says 20%, probably gotta be 50%, don't you think?

It's got to be really bad if Republicans are even floating something like "financial assistance to wage workers".

On the other hand, maybe Trump has a scheme to buy the election, with Government funds? If you give everybody a few thousand bucks, your poll numbers are gonna go up.

left-of-center2012

(34,195 posts)
8. "50% or more... 1930 all over again"
Wed Mar 18, 2020, 10:30 AM
Mar 2020

‘The highest rate of U.S. unemployment was 24.9% in 1933, during the Great Depression.
Unemployment remained above 14% from 1931 to 1940.’

https://www.thebalance.com/unemployment-rate-by-year-3305506

AlexSFCA

(6,139 posts)
6. only 20%? that'a ludicrous
Wed Mar 18, 2020, 12:23 AM
Mar 2020

if the pandemic goes on through August; entire communities will be unemployed. We may have to double our national debt to keep up.

Stallion

(6,476 posts)
7. What's the % of Entertainment Service Providers in Big Cities
Wed Mar 18, 2020, 12:25 AM
Mar 2020

that's a good start for highly populated areas-AND THAT'S JUST ONE ASPECT of the economy. Its going to at least temporarily affect much more than 20%

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