Unemployment Rate could surpass 20% -Trump's Economic Advisers

Coronavirus pandemic has destroyed both the economy and the employment opportunities of the Americans. According to the top two economic advisers of Trump's administration, the projected unemployment percentage is set to rise due to the coronavirus outbreak. The Labor Department recently announced that America had reported the highest unemployment statistics since the Great Depression in 2008. The statements of the unemployment rate came from White House economic adviser Kevin Hassett and Treasury Secretary Steven Mnuchin. The US presently has a death toll of over 88,000. One of the officials also predicted that the unemployment rate would shoot up to 20 percent by the end of June.

The two economic advisers' statement came at an offbeat timing, as the governors are looking for a concrete plan to reopen their corresponding stats safely. These remarks indirectly hint that going back to the normal stage is very far away from the actual prediction by Trump administration. Speaking in an interview on CBS's 'Face the Nation' show, Hassett said - “I think the unemployment rate in the US will increase to the north of 20 percent by the end of next month, a considerable increase from 14.7 percent. The present unemployment rate will go past the Great Depression of 2008." The Treasury Secretary Mnuchin also resonated similar issues on the economy in his byte to Fox News Sunday. "Although the numbers are already high, it is probably going to be worse before things start to settle down. I think we are going to have a terrible second quarter," Mnuchin told the host Chris Wallace. Mnuchin also said that the employment rate "could be close to 25 percent" when asked by the host of the show. As per the latest report on jobs, a total of 20.5 million jobs were lost in April alone in the United States, wiping out every employment opportunity created in the last decade.

Dr. Dhillon Randeep

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