During an interview with Hill.TV’s “Rising,” on Tuesday, White House Coronavirus Task Force on the economy member Stephen Moore stated that the unemployment rate in the United States is “probably closer” to 20% and “could easily” hit 25%.
Moore said, “The unemployment numbers are actually much worse than that headline number. Because they weren’t counting millions and millions of workers who have been furloughed, or workers who are getting paid but are not on the job. And so, we’re probably closer to a 20% unemployment rate right now. And it could easily climb to 25%, which would match the highest rate that we even saw during the Great Depression.”
Moore added that while he thinks the summer will be “brutally bad. … I do think by the end of the summer, early fall, we’ll start to see a recovery. And once that recovery begins, I do think we could see a really good fourth quarter.”
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