The worst of the nation’s historic job losses are yet to come, according to Treasury Secretary Steven Mnuchin, who told Fox News Sunday that “the reported numbers are probably going to get worse before they get better.”
Mnuchin’s comments followed Friday’s report from the Labor Department showing the U.S. lost a staggering 20.5 million jobs in April, bringing the jobless rate to its highest level since the Great Depression — 14.7%.
But even that figure fails to account for the millions of workers who have stopped searching for jobs or those considered “underemployed.”
Asked by host Chris Wallace whether the nation’s true unemployment rate was close to 25%, Mnuchin responded, “we could be.”
“This is no fault of American business, this is no fault of American workers, this is a result of a virus,” he said before warning, “You’re going to have a very, very bad second quarter.”
I’m the only one who’s put a number on this: I’ve said 50-60% unemployment by the end of the summer.
But I’m probably going to end up looking dumb, because at this point, I don’t really see how such optimistic predictions could possibly manifest.
Mnuchin says the real numbers now might be 25%. Well, that depends on how you calculate that. He’s talking about people who have stopped searching for jobs. Those people were always kept off of official unemployment numbers. I think that the official number could be 25% and the government just doesn’t know it because every state has a broken website.
Through July, the government is giving people half of their salary plus $600 a week, which means if you were making less than $1200 a week, you’re getting more now. But that certainly can’t last. Ted Cruz is saying it’s impossible to do UBI, and laughing at people who ask for it, even though this current unemployment scheme is de facto UBI. I assume it will be extended past July, but I doubt it will go on forever. Hyper-inflation is a thing that happens in real life, and I would assume the government wants to hold that off for as long as possible.
Whenever this gets cut, we’re going to very rapidly reach the point where people start getting hungry. The jobs are not coming back. They cannot come back. The jobs existed on a floating cloud that left here when we moved our manufacturing base to China. You can’t get that cloud back. You would have to start from the bottom and replace the manufacturing base in order to rebuild the economy.
This is going to be a very tough road ahead, and it is inexcusable that the media and the government refuse to acknowledge this. You are literally looking at a Mad Max situation.
I have readers who write me and say “oh well, I don’t think it’s going to be as bad as you say…” – and you are right, faggot: it’s going to be so very much worse than anything I’ve said.
All of you would do well to make peace with that fact.