Democrats want to keep bringing on the pain….
Via CNN:
Washington — White House economic adviser Kevin Hassett expects the unemployment rate to climb past 20% due to the economic fallout from the coronavirus pandemic, predicting that May or June will be the high point for job losses.
“Right now, looking across the U.S., there are more than 30 million people that are getting initial claims from unemployment insurance, and that’s the biggest negative shock to the jobs market that we’ve seen since World War II,” Hassett, the chairman of the Council of Economic Advisers, told “Face the Nation” Sunday.
“To get unemployment rates like the ones that we’re about to see, to get back to your question, which I think will climb up towards 20% by next month, you have to really go back to the Great Depression to see that,” Hassett continued. “I think you can expect to see jobs probably trough in May or June.”
Hassett said he was “looking for rates north of 20%” before the job market stabilizes.