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Unemployment Rates To Hit ‘Great Depression’ Level

Economist Depression
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White House senior advisor Kevin Hassett says US economy is in “grave situation” and the unemployment rate could be hitting the same numbers seen during the Great Depression due to the Covid-19 pandemic.

We're going to be looking at an unemployment rate that approaches rates that I think we saw during the Great Depression,” Hassett told ABC’ ‘The Week’ on Sunday.

Hassett called the economic state in the US a “grave situation” and “the biggest negative shock [the] economy has ever seen.”

Hassett continued to paint a bleak picture when he compared jobless numbers today to those from the economic recession from 2007 to 2009, the worst in the US since the Great Depression.

"Around 2008, we lost 8.7 million jobs and the whole thing. Right now, we're losing that many jobs about every 10 days," Hassett said. "And so … the economic lift for policymakers is an extraordinary one."

Read Original Article at rt.com

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