Unemployment Numbers ‘Will Get Worse Before They Get Better’ Mnuchin Says

top news article eraoflightdotcomThe worst of the nation’s historic job losses are yet to come, according to Treasury Secretary Steven Mnuchin, who told Fox News Sunday that “the reported numbers are probably going to get worse before they get better.”

Mnuchin’s comments followed Friday’s report from the Labor Department showing the U.S. lost a staggering 20.5 million jobs in April, bringing the jobless rate to its highest level since the Great Depression — 14.7%.

But even that figure fails to account for the millions of workers who have stopped searching for jobs or those considered “underemployed.”

Asked by host Chris Wallace whether the nation’s true unemployment rate was close to 25%, Mnuchin responded, “we could be.”

“This is no fault of American business, this is no fault of American workers, this is a result of a virus,” he said before warning, “You’re going to have a very, very bad second quarter.”

Two weeks ago, Mnuchin’s outlook was more optimistic — he told Wallace that the economy would reopen through June and “bounce back” over the summer. On Sunday, he said the economy would “have a better third quarter,” followed by “a better fourth quarter, and next year is going to be a great year.”

The Trump Administration is considering additional stimulus measures, including a payroll tax cut, according to Mnuchin, who also said on Sunday, “We’re not gonna do things just to bail out states that were poorly managed.” But he said the White House would wait a “few weeks” before considering another relief bill.

» Source » By Hannah Hagemann

3 Replies to “Unemployment Numbers ‘Will Get Worse Before They Get Better’ Mnuchin Says”

  1. Tom

    Marylin SS is not in the red if the federal government would stop.tapping it like their bank
    The war Vietnam was finance by the SS and you government owes it millions of dollars plus interest. The Republican hate it and have tried to kill it back with Regan that is why they tax it.

  2. Tom

    This guy is out their for sure to blame the American working people for the virus. He stated do not blame American corporations well let’s look at the real story. Trump knew this was coming back in January, he was told about it in the White House briefing. He did nothing till March video shows that remember in February he stated 12 to 15 people have it and it is a democratic scare to get the people against them.
    Now they want to stop funding SS so that will go in the red. SS is funded with payroll taxes which the Republican hate. Donald cout reverses his big tax cuts he gave to the one percent years ago
    If he counting on the tax I think that’s a dead issue because it is a election year.

    1. Marilyn G.

      Tom, everyone got a big tax cut. Including me, and I’m a retired senior on an embarrassing income. Now I hardly pay any tax at all, thanks to DJT. Insofar as SS goes, it’s long been in the red, so what’s new?