White House Adviser Admits The Outlook For U.S. Economy Is A “Really Grave Situation” As Unemployment Rates Could Reach Great Depression Levels


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Unemployment numbers have been continuing to rise in the U.S. amid the coronavirus shutdown.  Jobless claims totaled 4.4 million Thursday for the week, pushing the total above 26 million in the U.S. in just the past few weeks. We’re looking at an estimated 15 percent unemployment rate, and it’s going to get worse, according to White House senior adviser Kevin Hassett who warned Sunday that the outlook for the U.S. economy is in a “really grave situation,” and added that unemployment rates could reach levels seen during the Great Depression.

You’d have to have the intelligence of an off-brand buttplug to not see how dire the situation is, but at least Hassett is admitting it, instead of painting a rosy picture of the economy.

Host George Stephanopoulos asked Hassett on ABC’s This Week whether a “V-shaped,” or short, sharp, recovery, is possible, according to The Hill. 

In regards to the economy, Hassett said it will “depend on what happens next.”

“But make no mistake, this is a really grave situation George,” Hassett said. “This is the biggest economic shock our economy I think has ever seen.”

“We’re going to be looking at an unemployment rate that approaches rates that I think we saw during the Great Depression,” he added.


Treasury Secretary Steven Mnuchin, however, predicted on Fox News Sunday that the U.S. economy would rebound this summer and in the early fall.

Another one of Mnuchin’s brainiac moments was when he said recently that Americans could live on the $1,200 stimulus checks for ten weeks. Mnuchin is worth $400 million and owns numerous mansions, but OK.

Trump rode on former President Barack Obama’s economic coattails ever since he got into the White House. We’re not blaming Trump for the pandemic, but we fault the president for not acting when he first learned of the spreading coronavirus in November. Apparently, hitting the links and holding rallies were more important to Trump.

The U.S. economy will be Donald Trump’s seventh bankruptcy.

Featured image via Political Tribune gallery

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