Mnuchin warns US could see 20% unemployment rate due to coronavirus

Treasury Secretary Steven Mnuchin warned Republican senators Tuesday that the coronavirus pandemic could drive up US unemployment to 20%, a Republican Senate source told CNN.

Mnuchin's comments came as he urged Republican senators to act on economic stimulus measures totaling $1 trillion designed to avert that kind of worst case scenario.

In the same meeting, Mnuchin also said he is concerned the economic ramifications of the coronavirus pandemic could be worse than the 2008 financial crisis, the source said.

Mnuchin's comments, which were first reported by Bloomberg News, come amid a rising sense of urgency at the White House and on Capitol Hill to confront the increasingly serious threat of the coronavirus pandemic — on both the public health and economic fronts.

https://www.cnn.com/world/live-news...0-intl-hnk/h_2385aa5c7b037af0483c4bb31ee6b735

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Of course, we should never immediately believe any information that comes out of this administration.

But isn't that extremely worrying?

Furthermore, COVID-19 comes at a time when we have a President as incompetent as his economic team, people who were chosen primarily for their devotion to Trump rather than their decision-making skills.

 

It’s a good thing the American people will see through the Dems’ demagoguery and not blame Trump for the virus and unemployment.

Governor Cuomo had high praise for Trump and his team yesterday. I hope to see more honesty like that from the left.

 

I don't think you believe that

 

Seems like a bad time to have a reality TV star as the leader of the country

 

"The Buck stops anywhere but on this desk ..." - Donald Trump - President of the Donald Trump Fan Club.

 

Truth? I've never liked Steven Mnuchin. His 'past' as a hedge-fund mogul, and Goldman Sachs 'biggie', among other fun things, have made him singularly unlikely to be a Treasury Secretary with any wholesome regard for the taxpaying, rational Middle-Class. To put it mildly, in a crisis of any kind, the last man I would want in my "fox hole", watching my back, is someone like a Steven Mnuchin... and I've been a lifelong Conservative!

But, yes, it is possible (maybe inevitable now) that we will have a spike of extraordinarily-high unemployment for the months ahead. But, the way we should sustain ourselves during this 'pandemic' period is for each of us to draw on our own resources -- not to expect 'government' to come riding to the rescue with warehouses full of newly-'printed', imaginary money (courtesy of imaginative magic tricks dreamed up at the Federal Reserve central bank and the Department of the Treasury).

But, people are stupid, irresponsible, and careless. They don't SAVE MONEY for a "rainy day", and now we're at the beginning of a series of really heavy 'thunderstorms'. So, Trump and his Mnuchin Secretary will be sending out checks for $1,000 to each of us soon, and in the 'bidding war' for votes in November, we could see even more 'free money' being shoveled out with reckless abandon as orchestrated by both Republicans and Democrats.

Me? I'll take my thousand bucks and put the money toward purchase of a new 65" OLED Smart TV. Thanks, Donnie. Thanks, Stevie.
I'll take your essentially imaginary money because, being just another stupid, 21st-century, American schmuck, I need to do my 'part' to send this country hurtling into mindless insolvency and bankruptcy... and that's EXACTLY what all this 'free money' crap will do! .

 

Blaming Trump for the virus is like blaming Lincoln for the Civil War. Or Roosevelt for WW II.

 

Exactly.

It is times like this that magnify what a Tragic Mistake that it was to elect Trump (in the first place).

 

A case could be made for both of them. You chose your exemple badly...

 

People aren't blaming Trump for the virus - they're critiquing him for the response TO THE virus.
And Roosevelt and Lincoln faced lots of criticism for the way they. handled the wars. It's part of
being President.

 

The Civil War was not Lincoln’s fault. The South ignited the war.

And FDR did not force the Japs into invading and conquering one-quarter of the globe.

 

i pre-ordered beer & popcorn with my thousand bucks...

yeah, i know, taken a chance that i'll never see it, but deliveries are delayed everywhere so i had to take action quickly, before supplies run out

 

If by your own admission you don't believe anything the administration puts out,
why should it be worrying?

 

FDR adopted policies that made sure the Japanese would be forced to invade de dutch indies and pre-emptively attack the US fleet. FDR also blackmailed the UK and abandoned the eastern european nations to the Soviet because he didn't like Churchill personnaly.

 

Wouldn't it be great if we could simply earn our own money, be fairly and EQUALLY taxed on our income, spend our money as we wish, and BE RESPONSIBLE FOR OURSELVES?! You know... like the Founders of this country intended when they wrote the Constitution of the United States...?

Now we're little more than a great big bunch of irresponsible 'adult-children', and uncomprehending, uneducated half-wits who expect some damned "Nanny Government" of scheming, manipulating bastards to figure out our lives for us.

With the passing of every day, I fear the approach of inevitable death less and less....

 

The little pin that will pop this debt bubble just tripled in size .

And the crash will be worse than 08.

Our economy due to the greed of our elites is bubble based. And the economic effects of this world wide pandemic is one helluva pin dancing around the bubble driven economy.

So the blame is once again on the heads of the conservative GOP wwho relented once again to the financial sector and big mnc. .

While Clinton moved the DP to the right in the 90s embracing offshoring our value added industry for fatter profits for our elites you must never forget which party came up with this scheme.

The right wing ideology has ruined America just like it did in the gilded age and this ideology always wrecks any economy that serves the common man .

But thanks to Clinton the DP went along with right wing ideology which makes both parties treasonous bastards against average Americans.

The democrat rule and fdr economic reforms was our economic golden age but bboth parties dismantled it and the economic ccrashes began again .

Clearly the GOP cannot manage our economy because of their flawed ideology that didnt work before 1929 and isnt doing anything today except increasing wealth for the top .

We are screwed because the DP isnt the same party that gave us history's largest middle class.

While I agree with some con beliefs the farther we can keep that party away from economics the better. It aint a coincidence that anytime they come into power they totally screw up any economy that allows workers to prosper widely. History evidences that from the gilded age until today .

And now both parties are the GOP.

 

I agree somewhat, while adding that, in truth, Obama was not a single bit better in any respect, and significantly WORSE in a number of them, too....

The biggest trouble I see now with Trump is that he equates the health and well-being of the entire nation with the performance of stock markets, and THAT, as an "end all -- be all" for all of the American people is bullshit! Our United States of America does not revolve around the gyrations and irrational inconsistencies of a gaggle of stock brokers who gamble on the basis of fluctuations in 'sentiment' and 'emotion' connected with notoriously inaccurate, overvalued stock positions....

Trump moves heaven and Earth to help the almighty-god stock market, but he totally sh!ts in the face of people who live their lives responsibly and who save money for both good and bad times. By deliberately throwing his weight behind the repeated crushing of interest rates and the destruction of people's savings accounts, that is EXACTLY what Trump's doing!

I'm DONE with a president who thinks like THAT... but is a senile, corrupt jerk like Joe Biden going to be any better for this country...?! Why would anybody think that he would...?

 

Yet Dr. Fauci has said the administration response has been good and that the test shortage wasn't Trump's fault. I thought we were supposed to listed to the experts?

 

Be specific....

 

they've always been the same party, just two different factions for 'mockability'...
everything they do is orchestrated to appease the people, taking turns to keep the masses from revolting... it's all a show, yet most peeps think it's real, when the only real thing about it is the taking of peeps monies & freedoms...

 

didn't he just said few days ago, that its a flu and will be going in a week. and then there is the CDC mess up while he was golfing in FL

 

is part of his fault, he didn't take seriously in the beginning, was golfing, miscommunication and the lax attitude are all contributing factors. Trump is Dr.Fauci boss, he can't say trump didn't do a good job in front of media.