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33 Million Jobs Lost: Mnuchin Tells Congress That Without Bailouts, Depression Era Unemployment Awaits

Tyler Durden
March 18th, 2020
ZeroHedge
Comments (6)

This article was originally published by Tyler Durden at ZeroHedge. 

As Treasury Secretary Steve Mnuchin pitched his trillion-dollar-plus bailout for Americans (and their companies) struggling during the  Covid-19 crisis, it appears he has ripped a page right out of the TARP playbook… scare the Senators to death about the consequences of not approving the funds.

Bloomberg reports, according to sources familiar with the matter, that Mnuchin warned the Senate GOP members that without action, the US unemployment rate could spike to a stunning 20%.

With a total labor force or around 160 million, that would mean a sudden spike to over 30 million unemployed Americans

Those are depression-era levels of job losses… which prompted the New Deal and the welfare state the last time it happened…

This time – MMT, UBI, and socialized losses for everyone.

He may well be right, with New York’s unemployment claims website crashing and the chief economist of a multi-billion macro hedge fund advising us that they are now modeling approximately 10 million job losses over the next two to three months.

We leave it up to readers to decide if Mnuchin’s projection too little, too much, or just right.

Time to start the presses…

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Author: Tyler Durden
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Date: March 18th, 2020
Website: https://www.zerohedge.com

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6 Comments...

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  1. Anonymous says:

    Nobody minds the store here anymore.

    404…404…404

  2. Darth Skippy says:

    They are asking for free labor, bringing up historical examples of people who dutifully slept on the factory floor.

  3. bicycle says:

    wondering if this means Trumster is not getting re-elected?

  4. andrew james says:

    I’ve had a bellyful of bailing out banks.

  5. Anonymous says:

    We are already in D#2. It’s slo mo right now and the snowball is start rolling down the hill even faster in the next couple of weeks. Monday the new york casino goes to full electronic trading which means no human contact. Lots of dead presidents gonna be lost on monday.

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