Millions of people in the country are locked down in their homes because of the spread of deadly coronavirus. People who used to work daily to feed their families have to stay at home and rely upon government emergency funds. However, the rate of unemployment as of now seems to be bigger, might get worse in the future. According to White House advisor Kevin Hassett warned the country about upcoming financial troubles. He said the rate of unemployment next month would reach 16%; it would be the start of another great depression era.
Things are already starting to get worse because millions of people in the first week of lockdown filed for unemployment to get funds from the government. He said that the next couple of months are going to be terrible for the overall economy of our country. According to him, the current situation is far like the great depression era because at that time, more than 8.6 million have lost their job, and the same thing is happening right now. Things are getting out of hand since the number of unemployed people relying on the government are increasing every day, which is going to create more problems than anyone’s anticipations. Hassett said the coronavirus impact which our country is facing is the worst thing he has ever seen.
Recently Trump, while discussing the current situation with Tim Cook, said that he is expecting a V-Shape curve, meaning the economy will get back on track quickly. Even considering the present worse case, the Trump administration thinks reopening the economy will improve the situation soon. The Treasury Secretary also seemed to be confident about the recovery of the economy. Still, according to Hassett, it will take lots of time, plus the rate of unemployment will make things harder than ever before.
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