Federal Reserve Declares That 30% Of America Could Be Officially Unemployed

Last week, Steve Mnuchin came out and said that the US could see unemployment numbers reach 20% nationwide. This means official numbers of people who are receiving unemployment checks- not people who are actually out of the labor force and are not receiving a check. Since the number of actual unemployed is about double those receiving a check, it is not unreasonable to say the numbers could be 40%. In light of this, it is very interesting to note that another report from the Federal Reserve by way of MSN.com says that the official unemployment rates could reach 30%, meaning 50% to 60% of the country could be out of work.

Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product.

Bullard called for a powerful fiscal response to replace the $2.5 trillion in lost income that quarter to ensure a strong eventual U.S. recovery, adding the Fed would be poised to do more to ensure markets function during a period of high volatility.

“Everything is on the table” for the Fed as far as additional lending programs, Bullard said in a telephone interview Sunday from St. Louis. “There is more that we can do if necessary” with existing emergency authority. “There is probably much more in the months ahead depending on where Congress wants to go. (source)

Putting half of the US out of work for an indefinite time is toxic to the nation. People will be very, very angry- and hungry and frustrated, since most Americans live paycheck-to-paycheck because of the design of the system. Even for good people, it very hard to save money because life in America has become very expensive.

It has the potential to overthrow the current ethos of government and usher in a new era. That is how serious this is.

Shoebat.com will be closely monitoring the situation. We will be keeping everyone posted about this, as we have been saying that a serious economic crisis (a) was inevitable in five years (2018 +5, so between 2018 and 2023), and that (b) it will cause serious changes to the country.

This just may be that event.

Donate now to help support the work of this site. When you donate, you are not donating to just any commentary group, but one that is endlessly observing the news, reading between the lines and separating hysteria and perception from reality. In shoebat.com, we are working every day, tirelessly investigating global trends and providing data and analysis to tell you what lies for the future.

CLICK HERE TO FOLLOW OUR NEW SHOEBAT FACEBOOK PAGE

print