Friday, September 12, 2025

Latest

Trump’s Economic Advisor Makes Grim Prediction Regarding Q2 GDP and Unemployment Rate

Kevin Hassett, who is the White House economic advisor, is anticipating very grim GDP and employment levels in the second quarter of 2020.

Appearing on an ABC’s This Week interview, Kevin Hassett has a very gloomy outlook for the US economy as a result of implications stemming from the coronavirus pandemic. He is predicting GDP to decrease anywhere between 20% and 30%, thus echoing such negative numbers not seen since the Great Depression. Meanwhile regarding unemployment levels in the US, Hassett is anticipating a rate between 16% and 17%, given that the latest official unemployment data does not reflect the insurance claims that came in after the survey was conducted.

During the Great Depression, the US unemployment rate ended up sitting around 25%; however at the time, it took approximately 10 months to amass the same number of unemployment claims that have come in within the last month. Then, fast forward to the 2008 financial crisis, there was a loss of around 8.7 million jobs in total – however this time around, the US economy is losing that same amount of jobs every 10 days.

The US government has been propping up the US economy via stimulus checks and coronavirus aid, which have all been a significant contributor to the country’s rising national debt. According to a recent projection put forth by the Congressional Budget Office, by October US debt is predicted to increase to 101% of the country’s GDP. Although Donald Trump is anticipating a V-shaped economic recovery following the coronavirus pandemic, Hassett is not as optimistic: instead he is vouching for a second round of stimulus legislation to get the economy back on track.

Information for this briefing was found via ABC News and the Congressional Budget Office. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

US Coronavirus Cases Surpass 6 Million, Some Cities Waiting for Vaccine Before Lifting Restrictions

Many states across the US have been eagerly lifting restrictions and lockdown measures in a...

Tuesday, September 1, 2020, 11:10:56 AM

Europe Exceeds Record Daily COVID-19 Case Count As 100,000 Infections Reported For First Time

When the pandemic began to spread from its epicentre in Wuhan, it first made its...

Saturday, October 10, 2020, 03:45:00 PM

US Unemployment Rate Falls to 6.2%, Pushing 10-Year Treasuries to New Highs

The highly anticipated payrolls report was forecast to show a significant improvement in the US...

Friday, March 5, 2021, 04:01:00 PM

World Health Organization Warns of Dangerous Second Phase of COVID-19, Cases Continue to Rise Across US States

On Friday, the World Health Organization (WHO) issued a grim statement regarding the coronavirus crisis....

Sunday, June 21, 2020, 06:21:00 PM

US Initial Jobless Claims on the Rise Again as Soaring Covid Cases Crush Labour Market

The US labour market recovery appears to be stalling amid a surge in coronavirus cases...

Wednesday, November 25, 2020, 02:30:00 PM