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Steven Mnuchin warns of massive unemployment

Secretary of Treasury Steven Mnuchin (Credit: White House)

Treasury Secretary Steven Mnuchin warned lawmakers that U.S. unemployment could rise to 20% without government intervention because of the impact of the coronavirus. The Trump Administration is proposing an economic stimulus of $1 trillion or more.

  • Worth Noting: Treasury Department spokeswoman Monica Crowley told Bloomberg: “During the meeting with Senate Republicans, Secretary Mnuchin used several mathematical examples for illustrative purposes, but he never implied this would be the case.”
  • Be Smart: The Federal Reserve has already used much of its toolbox – bringing rates close to zero and announcing crisis-era lending programs – leaving policymakers to ease the extent of the damage with fiscal stimulus.

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