The Coronavirus Collapse Is Here: Get Ready For The U.S. Unemployment Rate To Hit 20 Percent (Or Higher)
- The Coronavirus Collapse Is Here: Get Ready For The U.S. Unemployment Rate To Hit 20 Percent (Or Higher)
by As communities all over America shut down in order to help prevent the spread of the coronavirus, job losses are already starting to rise to extremely alarming levels. As you will see below, almost one out of every five households in the U.S. has already experienced “a layoff or a reduction in work hours” because of this pandemic. Unfortunately, many experts are now anticipating that we could see one of the most dramatic spikes in the unemployment rate in American history in the months ahead. In fact, it is being reported that Treasury Secretary Steven Mnuchin just told members of Congress that this crisis could actually push our unemployment rate up to 20 percent…:
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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.
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If this coronavirus pandemic is over by the end of this calendar year, I think that Mnuchin’s projection may be accurate. But if if this pandemic stretches into 2021 or beyond, the U.S. unemployment rate will likely go quite a bit higher.
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