Ex-Trump official warning US could lose 1 million jobs next month

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TrueTexan
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Ex-Trump official warning US could lose 1 million jobs next month

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Economist Kevin Hassett, who served as the chairman President Donald Trump’s Council of Economic Advisers, shocked CNN’s Poppy Harlow on Monday by issuing dire predictions about the state of the American economy.

During an interview on CNN, Hassett warned that there was a 95 percent chance of the American economy contracting this quarter and said there was a chance that the United States could lose up to 1 million jobs next month alone.

“I think in the U.S., we’ll have a very terrible second quarter,” he said. “We just ran the numbers carefully over the weekend, and we think the second quarter will be about minus-five percent, and we think the jobs number in early April might be as much as minus a million or so, because nobody is going to get hired next week.”

Harlow appeared stunned by Hassett’s projections.

“Potentially one of the worst jobs numbers we’ve ever seen,” she said. “Wow.”

Harlow then asked Hassett how policymakers should respond given that the Federal Reserve has already slashed interest rates to zero, and he said the U.S. needs a big fiscal stimulus in the form of a payroll tax holiday to help get through the next three months.

“They understand that and they need to give a big stimulus right now,” he said. “If they have more ideas than a payroll tax holiday, they should pass that. But if they don’t take big action, then that minus-five percent will spread into the third quarter, then we’re looking at a recession.”
https://www.rawstory.com/2020/03/ex-tru ... ext-month/

We were already on the edge of a downturn headed for a recession when the COVID 19 struck. It is like your driving near a cliff and dodging a pickup when the semi hits you and over you go.
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Re: Ex-Trump official warning US could lose 1 million jobs next month

Post by CDFingers »

Calif. Gov. Newsom just closed down all restaurants, bars, and wineries. Said no gatherings bigger than 50. Said for seniors to self isolate. I have some errands, but I'll do that thing where you make believe you've got the virus and don't want to spread it. Washing hands, no face touching, social distancing, cursing trump. No, wait. No, go ahead and curse, then wash your mouth out with brandy. Sounds like a dangerous drinking game.

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Re: Ex-Trump official warning US could lose 1 million jobs next month

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CDFingers wrote:
Mon Mar 16, 2020 11:38 am
Calif. Gov. Newsom just closed down all restaurants, bars, and wineries. Said no gatherings bigger than 50. Said for seniors to self isolate. I have some errands, but I'll do that thing where you make believe you've got the virus and don't want to spread it. Washing hands, no face touching, social distancing, cursing trump. No, wait. No, go ahead and curse, then wash your mouth out with brandy. Sounds like a dangerous drinking game.

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Safer with gin or vodka for your mouth wash.
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Reasoning will never make a Man correct an ill Opinion, which by Reasoning he never acquired.-Swift

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Re: Ex-Trump official warning US could lose 1 million jobs next month

Post by highdesert »

...he said the U.S. needs a big fiscal stimulus in the form of a payroll tax holiday to help get through the next three months.
That's been rejected by politicians on both sides of the isle.

If I was CDF I'd run a pipe from Sierra Nevada Brewery and have no problem self-isolating - bliss.
"Everyone is entitled to their own opinion, but not their own facts." - Daniel Patrick Moynihan

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Re: Ex-Trump official warning US could lose 1 million jobs next month

Post by CDFingers »

TrueTexan wrote:
Mon Mar 16, 2020 11:40 am
Safer with gin or vodka for your mouth wash.
I can hear Arthur saying "Tangerruuuuhuuhay."
highdesert wrote:
Mon Mar 16, 2020 12:01 pm
If I was CDF I'd run a pipe from Sierra Nevada Brewery and have no problem self-isolating - bliss.
To show what a stand-up company is Sierra Nevada Brewery, they're closing the tap room but will continue to brew for the foreseeable future.

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Re: Ex-Trump official warning US could lose 1 million jobs next month

Post by YankeeTarheel »

TrueTexan wrote:
Mon Mar 16, 2020 11:32 am
Economist Kevin Hassett, who served as the chairman President Donald Trump’s Council of Economic Advisers, shocked CNN’s Poppy Harlow on Monday by issuing dire predictions about the state of the American economy.

During an interview on CNN, Hassett warned that there was a 95 percent chance of the American economy contracting this quarter and said there was a chance that the United States could lose up to 1 million jobs next month alone.

“I think in the U.S., we’ll have a very terrible second quarter,” he said. “We just ran the numbers carefully over the weekend, and we think the second quarter will be about minus-five percent, and we think the jobs number in early April might be as much as minus a million or so, because nobody is going to get hired next week.”

Harlow appeared stunned by Hassett’s projections.

“Potentially one of the worst jobs numbers we’ve ever seen,” she said. “Wow.”

Harlow then asked Hassett how policymakers should respond given that the Federal Reserve has already slashed interest rates to zero, and he said the U.S. needs a big fiscal stimulus in the form of a payroll tax holiday to help get through the next three months.

“They understand that and they need to give a big stimulus right now,” he said. “If they have more ideas than a payroll tax holiday, they should pass that. But if they don’t take big action, then that minus-five percent will spread into the third quarter, then we’re looking at a recession.”
https://www.rawstory.com/2020/03/ex-tru ... ext-month/

We were already on the edge of a downturn headed for a recession when the COVID 19 struck. It is like your driving near a cliff and dodging a pickup when the semi hits you and over you go.
Or the ground by the cliff suddenly lets go...
""If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you." -- LBJ

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Re: Ex-Trump official warning US could lose 1 million jobs next month

Post by sig230 »

Employment and jobs are just little numbers.
To be vintage it must be older than me!

From Deep South Texas

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Re: Ex-Trump official warning US could lose 1 million jobs next month

Post by CDFingers »

I know I make snark, but on the serious side, there are part time workers out there who will be without funds very quickly. Hungry people in groups can get colorful.

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Re: Ex-Trump official warning US could lose 1 million jobs next month

Post by kronkmusic »

CDFingers wrote:
Mon Mar 16, 2020 2:51 pm
I know I make snark, but on the serious side, there are part time workers out there who will be without funds very quickly. Hungry people in groups can get colorful.

CDFingers
Yeah, "colorful"

What's the old saying about even the most stable and polite nations are only three days with no food away from revolution?

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Re: Ex-Trump official warning US could lose 1 million jobs next month

Post by IBEWJIW »

Should've voted for Andrew Yang...

I do think a cash infusion would be a good idea right now, call me socialist.

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Re: Ex-Trump official warning US could lose 1 million jobs next month

Post by senorgrand »

people wouldn't spend it on what you needed to keep the economy afloat. Restaurants, bars, hotels, airlines, resorts, casinos, theaters, salons, coffee shops, etc. would still go belly-up.

Better to spend that money on good unemployment insurance...some people are going to need thousands of dollars in aid and others should probably be paying more than they are now.
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Re: Ex-Trump official warning US could lose 1 million jobs next month

Post by senorgrand »

oh, and no one is going to remodel their house, buy a car or get a new bass boat or rv anytime soon either.

If we are just locked away for a month, we'll take a huge economic hit. if it's more serious than that, then...I don't want to think about it
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Re: Ex-Trump official warning US could lose 1 million jobs next month

Post by CDFingers »

I was making light when I said I'd planted a wall of peas--which I did. They're about seven inches high now. Parsley, chard, onions. Time to plant some other stuff. Great soil, mostly compost.

It is a big hit to the economy. However, now is the exactly perfect time to start a new business geared to the new situations--not just the virus, but reacting to the gutting of .edu and .gov and .orgs in health care and eldercare--Safeway is hiring personal shoppers. There are needs to be filled, and there's paypal. I'm putting on my thinking cap. Once I remember where I left it.

Standby.

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Re: Ex-Trump official warning US could lose 1 million jobs next month

Post by TrueTexan »

senorgrand wrote:
Mon Mar 16, 2020 11:12 pm
oh, and no one is going to remodel their house, buy a car or get a new bass boat or rv anytime soon either.

If we are just locked away for a month, we'll take a huge economic hit. if it's more serious than that, then...I don't want to think about it
Just bought the wife a new 2020 RAV4 XSE Hybrid last week. She fell in love with my 2019 RAV4 XSE Hybrid and had to have one for herself. The excuse was it is hard for her to get out of the 2018 Honda Accord Hybrid due to the arthritis in hips and knee.
Facts do not cease to exist because they are ignored.-Huxley
The illegal we do immediately; the unconstitutional takes a little longer-Kissinger
Reasoning will never make a Man correct an ill Opinion, which by Reasoning he never acquired.-Swift

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