Kevin Hassett: Current Unemployment Rate Estimated “Around 19 Percent”…

Amid another troubling week for initial unemployment claims showing 3.8 million workers filing for financial assistance President Trump’s Senior Economic Advisor Kevin Hassett appears on Fox News to discuss the status of the economic shut-down.

Hassett notes his current estimate for total workforce unemployment around 19 percent. Additionally, Hassett outlines how the economic data lags the economic activity, so there is much more bad news to come.   That said, with massive influx of federal spending to fill the gap, the White House has now shifted focus toward how best to reignite the economy.

Kevin Hassett has a forward outlook of optimism and notes there is pent-up demand which can re-launch the economy. The economy was so strong prior to the shutdown it is possible to look forward and remain optimistic.

This entry was posted in Bailouts, Big Government, Coronavirus, Donald Trump, Economy, President Trump, Uncategorized, US Treasury, USA. Bookmark the permalink.

65 Responses to Kevin Hassett: Current Unemployment Rate Estimated “Around 19 Percent”…

  1. Mo says:

    A good man.

    Liked by 3 people

  2. Johnny Boost says:

    What is Trump doing? He has to open up the economy, and fast, before all is lost?

    Liked by 2 people

  3. 2 Bureaucrat Doctors with failed (death rate) models were allowed to crash the economy and ruin peoples lives and their business…..I’d call it domestic economic terrorism…… Inexcusable…..

    Liked by 11 people

    • Mary says:

      Who gave these two charlatans the keys to the US economy?

      Liked by 5 people

    • George Marcom says:

      No way around it– Trump got gobsmacked by these two “experts “.

      Liked by 4 people

      • mostlyogauge says:

        Totally disagree. The economy got gobsmacked. The country got gobsmacked. The citizens got gobsmacked. President Trump is working with the hand he was dealt, and is doing that brilliantly. He has pretty much the whole world working against him. Yes, that is an over exaggeration, but seems like that.

        Sundance spells out a lot of what President Trump is dealing with in this post from 4/28 (remove the asterisk from on front of the url and paste into your browser address box):
        *https://theconservativetreehouse.com/2020/04/28/oh-dear-kentucky-representative-thomas-massie-touches-the-third-rail-reveals-dcs-biggest-secret/

        There are so many groups, organizations, and people aligned against President Trump and his America First agenda. The USA economy, country, and citizens got gobsmacked. President Trump did not. He will lead us out of this just as he led the country to the best economy the world has ever seen. He will do it again. I stand with President Trump.

        Liked by 4 people

        • Magabear says:

          It just doesn’t work that way in the real world. When a team starts losing, the coach gets blamed. The GM gets blamed. They often get canned not long after winning championships and awards. It’s sometimes unfair and not all their fault, but it’s the nature of the business. Politics is no different.

          Like

    • Remington says:

      As I stated, my daughter recently had to lay off ~400 in Burbank. She said that not of them was unhappy. They make more money sitting home doing nothing. I’m afraid we’ve created monster.

      Liked by 4 people

      • James Carpenter aka "Felix" says:

        Monster should be given to understand that the minute our National Hysteria Spell is broken, they can either get back to work (or an honest search for it) OR starve. And if they don’t want to earn their bread and plan instead on simply demanding more free slices, well… Nature’s a b*tch and Global Warming will be the least of their worries if anybody makes ME a Czar tasked with handling it.
        If we can’t be czars, we can educate the young in our own sphere. “homeschooling” during the “lockdown ” if you will.
        Have the little buggers read how their ancestors landed here and met communism with capitalism:
        https://www.heritage.org/markets-and-finance/commentary/pilgrims-beat-communism-free-market

        Liked by 3 people

      • delighteddeplorable says:

        I’ve heard this as well. This may be a stupid question, but why in the world aren’t unemployment benefits exactly the same as what a person would be paid if working? Seems basic to me. 🤷‍♀️

        Liked by 1 person

        • delighteddeplorable says:

          To clarify – the same or less, thus incentivizing a person to WORK.

          Liked by 1 person

          • Ornus says:

            Here in Washington State, you get the Unemployment Bennies, plus $600/wk! We are looking to hire, but no incentive to work when they are making more than when they were working.

            Liked by 1 person

        • GB Bari says:

          It is a basic question if you never understood the true difference between capitalism and socialism, or why socialism never has worked in the long run (without force or coercion).

          No government in the world can pay people the same amount of money to sit on their azzes and do nothing, as the money they earn when they are actually working and producing goods and services that are sold in the marketplace for profit.

          Government does not (cannot) produce or sell ANYTHING to earn revenue (profit). Government can only confiscate people’s wealth (collect taxes) from those who ARE working and earning money from production of goods and services that can be sold for profit.

          Unless one can earn far more money from working than they can from unemployment, no one would work, and there would quickly be no money left in the government treasury to pay the unemployment.

          Maybe you never were shown the truth about living conditions in Soviet Russia, or for the average citizen in present day communist China. They all lived / live on unemployment level wages but were / are forced to work like dogs anyway.

          Like

    • petszmom says:

      And are and will be allowed to continue to finish off our country with full support.

      Liked by 2 people

    • Mo says:

      Captain if your business is being interrupted you should come over to Louisiana and do some inshore for Specks and Reds.

      Liked by 2 people

      • Mo, Hopefully one day I’ll get over your way to do some fishing….

        Unfortunately, this whole pandemic scam has cost me roughly 30k in lost revenue and grows daily……All my clients are seasonal and vacationers..Tourism is everything for us…..All lost literally overnight……

        My area here in Fort Myers isn’t even allowing hotels, Air B&B and such to rent out till sometime in June/July….It’s devastating….and we still can’t get a haircut…….Ridiculous..

        I’ll be honest…..I’m really disappointed with Ron Desantis….While I like him and he was looking to be a great Governor….He really fumbled the ball on this and the opening of our State… not to mention the Unemployment Payment issue……Desantis doesn’t look to be the leader I thought…..Just another Politician Lawyer……. Sad…..

        Liked by 1 person

  4. nojuanimportante says:

    I feel it was a mistake to put the unemployment subsidy out 4 months. I have a daughter collecting $250 from the state and $600 from the federal, in a low cost area, and she is not interested at all in returning to work till that is over.

    Liked by 7 people

  5. MaineCoon says:

    “The economy was so strong prior to the shutdown it is possible to look forward and remain optimistic.”

    Thank you Sundance for this ray of hope.

    This second economy comeback by President Trump will imo be one of his greatest accomplishments although he’s done so many great things thus far….

    Liked by 3 people

    • gingergal says:

      At least they won’t be able to credit Obama when the economy picks up again.

      Liked by 1 person

      • James Carpenter aka "Felix" says:

        “At least they won’t be able to credit Obama when the economy picks up again.”
        Huh????
        Where in the world did you come up with such an assumption???
        Do names like “Maddow” or “Lemon” or even “Wallace” ring any bells?

        Like

  6. carthoris says:

    So in only a mere month or so unemployment went from 3.5% to 19%. That’s an increase of 15.5% points. Fauci should be credited with at least 10% points of that. Maybe even 15% points. Somewhere in there.

    Liked by 1 person

    • Malatrope says:

      It is fascinating to me that this coalition of fools, elites, and fascist-envious politicians can cause Depression-level unemployment (the peak was 21%, most of the Depression it was 19% or less) just by snapping their fingers and issuing a bunch of orders that few question.

      Where are the pitchforks and hot tar? If the spineless jellyfish Republicans roll over in November and just accept a wave of stolen elections and spew “oh, we’ll do better next time” sour grape platitudes, I am going to stop voting and spend my time under President Slow Joe to agitate for an armed populist revolution.

      This insanity wasn’t caused by President Trump. In point of fact, he is just about the only one actually executing the spirit and letter of the Constitution.

      Like

  7. Monadnock says:

    I’ve posted it before (and before DJT Jr did it!):

    We need to re-elect PDJT in order to Make America Great Again, Again! MAGAA!

    Or, if you prefer: MAGAAAAAAAAAAAAAAAAAAAAAA!!!!!!!!!!

    Liked by 2 people

    • Snow White says:

      I want to slap this chicken head so hard that he lands in Antarctica. He can take his untested, poisonous v@cc1ne and inject it in his sunless side. Hydroxychloroquine works well but it doesn’t make him and bill gates of hell any money. Va((ines on the other hand is a windfall of billions with customers for life.

      Liked by 1 person

  8. carthoris says:

    Anthony Fauci: The Deadliest man Alive.

    Liked by 1 person

  9. BuckNutGuy says:

    Pent up demand?? Like me going to my local Ohio tavern and eating two lbs of their fabulous wings and a couple of pitchers of ice cold draft beer? Is that what we are talking about? Flanagan’s better foam the runway once they get the green light cuz BuckNutGuy is going to be coming in hot!

    Liked by 6 people

  10. MicD says:

    So glad Kevin is back to work.
    ~ “We have a plan for any event…”

    Liked by 2 people

  11. sunnyflower5 says:

    Indeed. A pent up demand from those who have become unemployed.
    During the Trump Administration, many felt the dignity and hope that comes with employment. They felt pride in providing for their families. They want that life and feeling back. Let’s Roll!

    Liked by 3 people

  12. gingergal says:

    We need spring clothes and refuse to go to Target Superstore. We are waiting for Kohl’s to open again so we can let loose.

    Liked by 1 person

  13. keeler says:

    Reporting from behind the Blue Wall:

    The local town government just cancelled all public events through August 30th.

    Anticipating such a mindset will be extended towards not only town property (the beaches) but also the private sector, this essentially kills the summer tourism season here, which represents a huge (50%+) slice of economic activity. This will be a devastating blow to local businesses, particularly to the restaurant, hotels, and rental sectors.

    Liked by 1 person

    • gingergal says:

      I’m sorry to hear that. My guess is a lot of these states will do as much damage to the citizens as they can until Trump cries uncle and gives them the bailouts.

      Liked by 1 person

      • Magabear says:

        More to the point, until they get PDJT out of office. That’s their endgame from now till November.

        Like

        • ltravisjr says:

          Yeah that’s the thing. The worse it gets the more they are going to cry that it’s Trump’s fault because he didn’t act soon enough to deal with the virus. That all they got. Can that work for them? If it’s all crashed come fall, given the media push, who will the general public blame?

          Like

          • Judith says:

            This is true. They have to keep it going, at least until they unveil their big tracking chip I mean vaccine. Worst kept secret in town.

            Like

    • keeler- here is what’s happening behind the Blue Wall of NY. Our legislature is working on a law to suspend rent payments for tenants for at least 3 months following passage of the bill. All they would have to come up with is 30% of their rent, plus landlords can’t evict them AND they get to renew their lease for the same terms as before.

      This is COMMUNISM, STALINISM whatever the hell you want to call it. Not to mention that it is completely ILLEGAL and UNCONSTITUTIONAL for the Government to steal our property with NO REDRESS.

      This is why we have to #END THE LOCKDOWN NOW.

      Every single day it is getting worse in the Blue States. Not to mention more and more impossible for us to EVER get back our freedom.

      https://www.nysenate.gov/legislation/bills/2019/s8139

      Like

  14. Puzzled says:

    The states won’t even clear barbershops to open. The major areas of the economy will be delayed over a year. 50m+ unemployed soon, and even the FED will need China’s help to print the amount of money needed. The Bolsheviks want to break the country and create their own Utopia regardless of the cost, economic or physical.

    Like

  15. Bruce_Dern's_Finger says:

    Mr. Finger: “Kevin Hassett, I’m currently unemployed.”
    Kevin Hassett: “How may I help you, Mr. Finger”?
    Mr. Finger: “Mr. Hassett, I see that you still are collecting a bureaucratic paycheck during these harsh times.”
    Kevin Hassett: “Ya, so”?!
    Mr. Finger: “I’ll take your job and you can have mine.”

    Like

    • MicD says:

      You sound like you have a brain, are you looking for a job?
      Believe it or not Right Now is the Best Time to Put Yourself Out There.
      Go Do It, you’ll be proud and Free.

      Like

      • Bruce_Dern's_Finger says:

        I have no qualms about putting bureaucrats’ feet to the fire, even if it’s in the form of satire.
        I am retired military and retired major aerospace corporation.
        I wouldn’t mind getting back to my old aerospace desk job, if I only had President Trump’s stamina.

        Like

  16. Trump2020 says:

    Democrats are proposing putting the country on “universal income” aka; “welfare” for the next 6 months.

    Like

  17. Frank says:

    I sure do hope things go back to normal soon. I haven’t applied for unemployment because I have some savings to live off of, but if this business goes on too much longer then I’ll have no choice. Come on, Kevin! Come on, Team Trump! Cut off all trade with China, bring our manufacturing back home, end the H1B visa program, and let’s get this country back to where it ought to be!

    Liked by 1 person

  18. vikingmom says:

    I’m sorry to sound impatient but I HMO, the best way to reignite the economy is for the president to come out and give an oval office address, exposing the cooked numbers which are leading everyone to be so panicked that we’re all on the verge of dying, over a virus that has no more loss of life than any other flu!

    Like

    • paulashley says:

      I’ve been saying this for weeks. I cannot understand why this hasn’t been done. Perhaps Trump is waiting for his April 30 target date. Regardless, this is a major inflection point in the country’s history. We’re essentially in a civil war with blue states seceding and dragging the country down with them. The virus is no longer the enemy; tyranny is, and Trump must make a call to arms. Not to address the nation will be a dereliction of duty. Can anyone imagine the likes of Roosevelt, Churchill, or Reagan letting such a moment pass without passionate remark? A press conference with “zingers” will not make America great again.

      Liked by 1 person

      • Judith says:

        It has something to do with giving a man a fish versus teaching a man to fish. There are only so many hall passes Trump can give away before people come to the realization that they have a role to play in their own destinies.

        Like

  19. Charles Darwin says:

    Step 1 to reigniting the economy….KEEP FAUCI OFF TELEVISION.

    Like

    • California Joe says:

      No federal government employee or even high-ranking management official has carte blanche to be interviewed by the news media without approval and that goes for Dr. Fauci and Brix. They can be stopped any time President Trump chooses them to stop.

      Like

  20. alliwantissometruth says:

    One major obstacle in getting the economy going again, even after the country is open again, will be the Enemy of the People “Media”, which will do it’s best to hinder any recovery by continuing their doom and gloom coverage, which will frighten people and keep them away from businesses

    The truth won’t matter to them of course, as they make up stories and lie through their teeth

    They’ll be worse than they are now. Count on it

    Liked by 1 person

  21. Due Gonzalez says:

    Government employees and politicians are able keep their pay, pensions, and have job security while the countries economy is crashing and unemployment is soaring. This is BS and until a commensurate with national unemployment numbers of government employees, at all levels, are laid off this will continue. Our elected representatives including congress, Governors, local mayors and sheriffs should give up their salaries. Let them feel the pain. And there pensions should be permanently reduced commensurate with the falling of 401ks. This country would open up in a heartbeat. How Americans sit around and allow these officials to destroy the economy and take away our freedoms and Bill of Rights is beyond me.
    It’s not going to ever happen, but I will not be so ignorant as to believe that these same people destroying our country give a damn about the average Joe. This is about control and giving up our country. They have everything to gain and nothing to lose. Mix in a fearful population and the fix is in.

    Like

  22. California Joe says:

    This about says it all:

    Like

  23. Don't vote for California Democrat Governor Newsom says:

    It’s time for the people in California, to kick Democrat Governor Newsom out of office. Don’t vote in another Democrat, because they look down at their people and only want to be in power so they can dictate to the people. Sounds like the Communist Leader in China. The Democrat Party doesn’t want to help the American people. They just want POWER so they can rule over their people like the Communist China dictator does. Vote for Republican Congressmen and Republican Senators only. This is the only way our country will stay free and prosperous. The Democrat Party hate America and its people, and want this country to fail. Don’t give the Democrats the chance to do this to America, vote Republican for every office this 2020 election, and get our country back to work. Vote for our President Donald J. Trump to continue the great job he was doing.

    Like

  24. Alli says:

    The Communist tactic is to have very few small businesses and only a few giant companies
    It’s far easier to control people that way
    This shut down extension is meant to sink the smaller businesses.

    Like

  25. jimrockfish says:

    Interesting feedback from Arizona that is political in nature. I am a sole proprietor and out of work from all this bologna.

    So I applied for the new unemployment benefits in the CARES Act called Pandemic Unemployment Assistance. Been a little over four weeks and still no word from DES. They are the department that handles unemployment, food stamps and Medicare here in Arizona. I did see today they contracted out the CARES Act portion of unemployment to a firm who will start looking at things on May 12th. Good thing none of us are hurting /s

    Anyway, I wrote to both my senators. Maybe it’s because the democrat constituents are more plugged into social programs than Republicans but I heard nothing from McSally.

    Sinema actually responded through an aide who is a social worker and provided a link to a webpage where I can enter my information because they are in daily contact with DES.

    I’d like to think that it was by design so both offices wouldn’t be trying to help the same person. I have no idea. I’m discouraged that the Senator I thought would help did nothing and the one I would never vote for actually did try to help. I appreciated the response. Also worried McSally has a problem in November and we could be twice blue here in the desert.

    Like

  26. bullnuke says:

    State government is a disaster when it comes to unemployment benefits. A friend applied back in March. No checks have ever showed up. After repeated attempts to get thru (lines are swamped) she was told that because she hasn’t rectified every week saying she is looking for work they closed the file. FUBAR! She is a small business owner.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s