Trump Administration Declares Possible 20% Unemployment Rate Coming

I warned for years that one needs to work as much as possible, as hard as one can, in order to earn money because there will come a time when this is not possible. Now with the specter of a massive TARP bailout for the nation incoming, there are warnings that unemployment may reach 20% according to MSN News.

Treasury Secretary Steven Mnuchin raised the possibility with Republican senators that U.S. unemployment could rise to 20% without government intervention because of the impact of the coronavirus, according to people familiar with the matter.

Mnuchin discussed the scenario with the lawmakers on Tuesday as he proposed an economic stimulus of $1 trillion or more.

He told the senators that he believes the economic fallout from the coronavirus is potentially worse than the 2008 financial crisis. (source)

Keep in mind that unemployment by government definition refers to people receiving unemployment checks.

It does not count those who have “fallen off” the system, meaning NO work at all, or true unemployment.

If that was counted, there is a real chance the numbers could increase by 50% to 100%, or in real numbers, an unemployment rate of 30% to 40%.

Imagine one in three men in the workforce losing their job.

It does not matter if they are collecting unemployment or not.

This is a really bad situation, and could cause what I have warned about, which is a great unemployment crisis bigger than that of the Great Depression.

I warned you.

I said it could happen.

We are closer than ever to it.

I sincerely hope I am wrong, even if only for a few more years, because this will hurt a lot of people, and I do not wish such an evil on anybody.

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