USA treasury secretary says jobless rate may have hit 25 pct

14 Mai, 2020, 17:14 | Auteur: Auguste Feret
  • Despite extraordinary precautions Covid-19 has reached the White House with various aides of top officials testing positive

He says that, while the Great Depression was an economic crisis, the American economy was forced to nearly completely shut down in 2020 because of COVID-19, which is why it's more damaging than the Depression.

Mr. Mnuchin said Congress moved quickly on passing roughly $3 trillion in economic rescue legislation created to prop up a largely shuttered economy that's been severely damaged by the virus.

Mnuchin acknowledged on Sunday that the real unemployment rate in the U.S. Some of Trump's top economic advisers emphasized on Sunday, May 10, the importance of states getting more businesses and offices open. He says, "you are going to have a very, very bad second quarter".

"Inside the numbers is a glimmer of hope", Kudlow said Sunday on the ABC News program "This Week".

The U.S., with almost 80,000 coronavirus deaths, has recorded far more deaths than any other country in the world.

"We have to understand that we're riding this tiger, we're not directing it", said Michael Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota, interviewed on NBC's "Meet the Press".

USA treasury secretary says jobless rate may have hit 25 pct

"We have not used the eight weeks as well as we could have, unfortunately", said Shaman.

Mnuchin said the White House was willing to spend "whatever it takes" during the coronavirus crisis to bolster the economy - but said there should be a close look first at how the massive relief packages are working.

"We are absolutely pushing for the payroll tax cut", Mnuchin said on Fox, calling it a means of "delivering money to American public and business in a very effective way".

On the other hand, the situation within the administration suggests the virus is still a danger.

"There is not going to be bipartisan support that bails out states from previous problems", Mnuchin told CNBC on Monday morning. Last month, Congress passed a bill that allotted $2.2 trillion to offset a number of different economic losses as people get laid off from work, furlough, or as small businesses shutter.

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