As Treasury Secretary Steve Mnuchin pitched his trillion-dollar-plus bailout for Americans (and their companies) struggling during the Covid-19 crisis, it appears he has ripped a page right out of the TARP playbook… scare the Senators to death about the consequences of not approving the funds.
Bloomberg reports, according to sources familiar with the matter, that Mnuchin warned the Senate GOP members that without action, the US unemployment rate could spike to a stunning 20%.
With a total labor force or around 160 million, that would mean a sudden spike to over 30 million unemployed Americans
Those are depression-era levels of job losses… which prompted the New Deal and the welfare state the last time it happened…
This time – MMT, UBI, and socialized losses for everyone.
He may well be right, with New York’s unemployment claims website crashing and the chief economist of a multi-billion macro hedge fund advising us that they are now modeling approximately 10 million job losses over the next two to three months.
We leave it up to readers to decide if Mnuchin’s projection too little, too much, or just right.
Time to start the presses…
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“33 Million Jobs Lost … the US unemployment rate could spike to a stunning 20%”
would china survive this?
Many small businesses are going to go broke inside of 30 days. Others inside of 60 days, etc. Depending on how long this manufactured lunacy lasts, a 50% unemployment rate may be conservative because small business is the country’s major employer.
I’m praying for a very healthy Black Market to materialize.
To sell what? What do you grow or manufacture to put on the black market? Where are the raw materials coming from to keep it up if you do happen to have a small store of inventory?
If the supply chains are broken, the only things for sale will be things stolen from people or people trying to sell their useless property.
What is the first word that comes to mind when looking at him and his wife(?) holding those sheets of $$?
$$ isn’t everything…it’s the only thing.
Hahaha…note the denomination of the sheet of bills. I went down thru this short thread, and no one has mentioned the “33” …..or the downward 666 sign made by left hand of minion Mnuchin, with the little horn protruding out…..and this picture displays ’20’ of the US one dollar bills.
annuit coeptis novus ordo seclorum <<—–==
Im not on social media, but someone needs to start a hashtag to go buy silver and gold with their stimulus and shove it right back in their faces.
Uh, yeah. Goverment MANDATED unemployment.
“without action, the US unemployment rate could spike to a stunning 20%”
since that .20 won’t include government workers, what would the actual unemployment rate be?
Make it included ALL government workers and you’ve got yourself a deal!!
I never knew government “workers” worked.
Well they certainly work the taxpayers don’t they.?
if Boeing gets a $60 billion bailout i deserve at least $100k. fuck their little $1, ooo bribe to keep me quiet!
$1, ooo bribe is fucking fake news, it’s going to keep the plebs sedated before the fuck all that’s coming IMHO.
Baby Bush did something similar, $600. Then he/ turned around and taxed that money.
This is insane. Goal is for checks to start going out in 2 weeks. $1,000? Who gets it, how often, how long?
Ask Bernie how much it’s gonna cost and how is it going to be funded. Oh, he’s still (sorta) busy. Let’s get Elizabeth Warren on it and we’ll get answers pronto.
Maybe we can put all the newly unemployed on building the Glorious Wall!??!
Why is the government bailing out corporations which have spent the past decade taking on debt to finance stock buy-backs to benefit their executives?
They can sell all their stock back into the market, first.
BFD they are printing money and again giving it out to their asshole buddies . Devaluing every dollar anyone saved !
How much less can a dollars buying power go considering it’s only worth 3 cents since the FEDERAL RESERVE wealth and value theft program started
Is that 20% the way Shadow Stats calculates the figures or the way the lying shits from the government do the math? And Kroger has 10,000 new job openings, Amazon has a ton more too. Not that these are ideal jobs, but once the government ALLOWS life to go back to “normal,” if the government just gets out of the way, prosperity could once again come back to the US. When WW2 ended, despite all the men missing from the employment ranks, prosperity flourished in large part because most of FDR’s destructive New Deal programs fell to the wayside and people were allowed to make successes happen.
They created some fascinating and beautiful public works during the Great Depression. That’s when people had some skill and talent. Now….be prepared…
My comments certainly should not be construed as supportive of anything the GOVERNMENT did to put people back to work.
Good one, Steve!
Check ShadowStats.com to see how we have been in depression-era levels of unemployment since 2009.