Kevin Hassett, senior advisor to President Trump, says we’re going to see unemployment rates similar to what we saw during the Great Depression, but the White House has a plan for an economic comeback. As Hasset notes: due to various relief programs the overall worker income is still consistent, but outputs from income are non-existent.
In this interview with CNBC Hassett estimates the current unemployment rate at 16 to 17 percent; & the likely result of the second quarter GDP around -20 to -30 percent. Hassett notes the Bureau of Economic Analysis (BEA) has several challenges as they attempt to quantify economic activity during the shut-down. However, those are stunning numbers.