Mnuchin warns senators that US could see 20% unemployment rate due to coronavirus, source says

[BumRushDaShow]

Source: CNN

Washington (CNN)Treasury Secretary Steven Mnuchin warned Republican senators Tuesday morning 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. CNN has reached out to the Treasury Department for comment.

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, 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.

Read more: https://www.cnn.com/2020/03/17/politics/steven-mnuchin-unemployment-warning-coronavirus/index.html

[MontanaMama]

1. So much winning...

[bucolic_frolic]

2. Donnie's in charge of the tattered social safety net

This is like hiring Karl Marx as venture capitalist

[flibbitygiblets]

3. I'd say he's Mnunderestimating that by about half

[Alacritous Crier]

17. Yep.

[DENVERPOPS]

21. I would have guessed

a much much larger number than that.......All corporate workers everywhere including the entire service industry??????

[enid602]

4. Putin

Wait a minute. Mnuchin's announcing a Trillion for recovery. Last week I read that .7 Trillion was approved for recovery. The week before, they announced a Trillion to support the bond market. Last year the Fed spent a total of a Trillion buying back TBills, and spent a Trillion on the same thing in 2018. Sounds to me they're just printing money. This isn't quantitative easing, it's a quantitative avalanche. I think this is all part of Putin's plan.

[Pillow talk]

5. yet day 4 of republican senate delay. it does not seem they are listening

[LiberalFighter]

6. And it is all Trump's and Mnuchin's fault.

[Laelth]

7. Tragically, that sounds reasonable. n/t

-Laelth

[Backseat Driver]

8. Lordy - we've been at the receiving end of 10% and it wasn't pretty

Somehow I don't think the orange Mothman will be satisfied at only 20% and would prefer it was somehow guided by his PPP - perfect poll percentages.

[Stallion]

9. Its probably close to 20% (Temporary) Already in Big Cities....

who have shut down restaurants, bars, clubs etc.

look at the streets in these cities at rush hour-traffic is down 60%

What's really scary is how do you handle "Soup Lines" like in the Depression w/o big crowds. Gonna have to think about distribution mechanism to get people fed as the emergency fund money runs out

[Scarsdale]

24. He warns republicans?

Isn't he Treasury Secretary for democratic politicians also, or am I mistaken?

[Maxheader]

10. Wingers like to pull numbers...

out of their ass..That way if their right, they look brilliant..

And if not...They deny they ever said anything

[sop]

11. Looks like Biden will have to rebuild the economy starting January, 2021

Just like Obama did in 2009. That should be his campaign slogan.

[Stallion]

12. The Return of The Tea Party Deficit Hawks is Sure to Follow

we have 40 years of irrefutable proof that only one party has demonstrated policies that reduce the deficit-the only grown-up party

[sop]

15. Clinton, Obama then Biden have to clean up GOP economic disasters.

Yet corporate media still goes on about "tax and spend Democrats" and "fiscally responsible Republicans."

[Bernardo de La Paz]

13. Still just a "Democrat{ic} Media hoax"?

First their position was "just 15 cases. In a few days it will be 2 or 3 and then it will magically disappear".

That switched to "We did all we needed to do, banned Chinese flights."

Then it was "just an ordinary flu, 10 dead versus 20,000 flu deaths".

A little later it was "just 10 dead besides all those in the nursing homes in Washington state".

That became a Public Relations exercise to tweet it away and stage photo ops where he could self-congratulate and pretend to be doing something while denying it was a problem.

Then the "It's Democrat{ic} Media hoax panic to crash the markets to get rid of Trump because impeachment failed" ploy.

Then it was named with a racist origin name (by naming after the originating area) or the "foreign flu" as if being from out of the country made it impotent.

Then it was "I know! We can break SSI and Medicare by defunding via a payroll tax holiday."

[BigmanPigman]

14. If Warren isn't VP she's be a great secretary of the Treasury or

Senate Majority Leader. She'd be great at anything really!

[LonePirate]

16. In different times, she would be a great Sec of Treasury. Now we need her as Senate Majority Leader.

She has the vision, knowledge, respect and popular support to pass legislation we desperately need. Democrats across the spectrum would trust her without question as Majority Leader.

[ProfessorGAC]

18. Meaning 6%

Setting themselves up to declare victory when UE hits 5.9%.

[grumpyduck]

19. Yeah, and he and that thing in the Oval Office

and McTurtle should be the first ones to go.

[Evolve Dammit]

20. Just print more money and pose with wifey. It's easy

[Progressive Jones]

22. Which really means 20-50%. nt

[duforsure]

23. He's lying

It could become a depression with a much larger number of people becoming unemployed very quickly from their inaction, Their amounts given to the people ASAP will help but if its only $1000 they can kiss the economy goodbye, it won't nearly be enough. It should be $5000 or more for everyone , and now. Then watch as many spend it very quickly helping many businesses survive this out break. If republicans again try to help from the top down they'll fail , again, while the people struggle to survive this likely year to year and a half disruption we'll experience. trump knows his re-election may now be doomed unless he pays off people to get their votes. It won't work for him no matter what he does now.