The U.S. is going to see a jobless rate comparable to what happened during the Great Depression as it recovers from the novel coronavirus pandemic, Kevin Hassett, President Donald Trump’s economic adviser, said on ABC’s “This Week.”
The unemployment rate peaked at about 25% during the Great Depression. And during the Great Recession, it took roughly 10 months for new unemployment claims to go as high as they now have in less than a month.
“Around 2008, we lost 8.7 million jobs and the whole thing. Right now, we’re losing that many jobs about every 10 days,” he said Sunday. “And so … the economic lift for policymakers is an extraordinary one.”
Source: ABC News