A day after he warned Republican senators that the U.S. could see a 20% unemployment rate if the coronavirus is not properly dealt with, Treasury Secretary Steven Mnuchin walked back his comments and said “we’re not going to let that happen' by skleb1234
... [+]A day after he warned Republican senators that the U.S. could see a 20% unemployment rate if the coronavirus pandemic is not properly dealt with, Treasury Secretary Steven Mnuchin walked back his comments in an“I’ve seen that number in the press,” MnuchinA day earlier, Mnuchin reportedlythat the coronavirus outbreak could result in 20% unemployment in the U.S. if Republican senators failed to act on the Trump administration’s fiscal stimulus package.
“Let me be clear: If we follow the president’s plan, we will not have that,” Mnuchin insisted, adding that he was not providing a set forecast but instead trying to“What I said was just a mathematical statement,” he. “Forty percent of the people that are employed in the private workforce are employed by companies [of] 500 people and less . . . it was just a mathematical statement to say, ‘If half these people were to lose jobs, this is what it would be.
“We’re not going to let that happen,” Mnuchin insisted, when questioned about his comments on unemployment. “This isn’t like the financial crisis. There will be an end in sight.” President Trump, asked at a press conference Wednesday about Mnuchin’s comments, said the figure was a “worst-case scenario” and it wouldn’t happen. “The U.S. economy is going to come roaring back once we conquer this disease,” Mnuchin said. “We will get through this.” If unemployment hits 20%, that would be double the rate seen during the 2008 financial crisis—and the highest level since the 1929 Great Depression.
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