You Think This is Bad? Trump Economist Predicts Eye-Popping Unemployment for Next Month
White House economic adviser Kevin Hassett told CNN’s Poppy Harlow Friday morning that he expects the next report of unemployment numbers could rise as high as 25 percent.
Hassett’s prediction comes after a chilling new report that unemployment has reached 14.7 percent of the population in the month of April, according to the Bureau of Labor Statistics. The last report on April 9 topped 16 million people.
“First I just want to say how heartbreaking it is to see a report like this,” Hassett said. “Because each unemployed person is now a person who’s life is in turmoil. If you add the initial claims that have come after survey week of April 12, you’re looking at well more than 30 million people that have had their lives upended by this shutdown.”
“The next one should be around 20,” Hassett continued. “The numbers, it’s probably best to look at the U6 [unemployment rate]. That’s at 22 percent. That’ll probably go to as high as 25 percent in the next percent. Hopefully from there, it’ll head in the right direction. I think we’ll head into a transition period this summer before we head into a sort of re-ignition of the economy, but we’re not there yet.”
On Fox & Friends this morning, President Donald Trump also said he expected these numbers: “It’s fully expected, there’s no surprise, everybody knows this,” Trump said. He added, “even the Democrats aren’t blaming me for that.”
The unemployment rate is the highest its been since 1929 in the Great Depression.
Watch the clip above via CNN.
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