The shuttering of the U.S. economy due to the coronavirus pandemic is a shock of historic proportions that will likely push the national unemployment rate to 16% or higher this month, a White House economic adviser said
“It’s a really grave situation,” President Donald Trump’s adviser, Kevin Hassett, told the ABC program “This Week.”
The nonpartisan Congressional Budget Office predicts U.S. gross domestic product will contract at nearly a 40% annual rate in the second quarter, with unemployment cresting at 16% in the third quarter. But even next year, the CBO sees the jobless rate still averaging above 10 percent.
The U.S. Congress has already approved $3 trillion in coronavirus relief in a show of bipartisan support for laid-off workers and an economy in free fall. Like de Blasio, many of the nation’s governors - Democrats and Republicans alike - have pressed the Trump administration and Congress to come forward with a sizable relief package.
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