HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » WH Adviser: Unemployment ...

Sun May 24, 2020, 10:52 AM

WH Adviser: Unemployment Will Be In Double Digits By November Election

Source: Talking Points Memo



By Summer Concepcion
|
May 24, 2020 10:19 a.m.

White House economic adviser Kevin Hassett shared a grim outlook on unemployment claims by the time of the November election during an interview on CNN Sunday morning.

After CNN’s Dana Bash mentioned that the Congressional Budget Office predicted that unemployment could still be at 9% at the end of 2021, she asked Hassett whether it’s possible for the number of unemployment claims to remain in double digits in November.

“Yes, I do,” Hassett said, before quickly adding that he thinks “all the signs of economic recovery” will be “raging everywhere.”

Hassett then argued that “the only thing” economists will debate about is whether the country will “get back to where we were” or if it will “be a long haul to get there,” before launching into an anecdote involving two of his friends who are Harvard professors.


Read more: https://talkingpointsmemo.com/news/kevin-hassett-unemployment-november-election



-snip-

Three items come to mind Hassett:

Did you call the vacationing #Moscow Mitch that it would be wise to pass the Hero's Act.........

Did you call your golfing "boss" during a pandemic with close to 100,000 deaths of criminality, that he is a sociopath, and narcissistic lunatic and should resign...........or that you will resign.....

Did you use your "cubic model" to determine the numbers..........and then did you call the #Moscow Mitch, that this is for real...........and that you cannot make up the numbers to make it look good..................


21 replies, 1934 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 21 replies Author Time Post
Reply WH Adviser: Unemployment Will Be In Double Digits By November Election (Original post)
turbinetree May 24 OP
sandensea May 24 #1
turbinetree May 24 #7
dawg May 24 #2
not fooled May 24 #9
Docreed2003 May 24 #12
Scarsdale May 24 #3
beachbumbob May 24 #4
bucolic_frolic May 24 #5
paleotn May 24 #10
bucolic_frolic May 24 #14
paleotn May 24 #6
progree May 24 #8
progree May 24 #11
ananda May 24 #13
SergeStorms May 24 #17
stopbush May 24 #18
progree May 24 #15
LiberalFighter May 24 #16
Lock him up. May 24 #20
totodeinhere May 24 #19
Bengus81 May 24 #21

Response to turbinetree (Original post)

Sun May 24, 2020, 11:21 AM

1. He puts the ASS in Hassett

The useless runt never heard April unemployment had already reached 14.7%, apparently.

Either that, or he's trying to create a narrative for the Chumpkins. Easy - even for him.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to sandensea (Reply #1)

Sun May 24, 2020, 11:47 AM

7. Yepper spot on...................

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Original post)

Sun May 24, 2020, 11:26 AM

2. Why do they all make that fucking face?

That stupid fucking no-lips muppet face.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to dawg (Reply #2)

Sun May 24, 2020, 11:51 AM

9. "We're screwing you over"

"You know it...we know it...get over it."

Say the tools of the fascist sociopath in the White House.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to not fooled (Reply #9)

Sun May 24, 2020, 12:04 PM

12. And without the courtesy of a reach around

Just saying

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Original post)

Sun May 24, 2020, 11:27 AM

3. Hopefully many of those unemployed

will be WH hangers on, plus the large diaper wearing, baggy pants loafer in "charge". Unemployment may be high, but CELEBRATIONS will be many. Looking forward to having SANE adults in charge. Experienced, competent people who want this country to succeed. After all the destruction by this crew, it will take many, many of us to right the ship of state. Momentous job for anyone, but will be made easier by intelligent, hard working REAL people.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Original post)

Sun May 24, 2020, 11:28 AM

4. We will be lucky to see unemployment below 10% for a few years and most likely

never will see pre-Covid economy or employment numbers

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Original post)

Sun May 24, 2020, 11:41 AM

5. Real estate crashes, auto loan defaults, rejected consumerism notwithstanding

Pandemic economic fallout is global. I'm hearing parts of Canada, Australia face grim real estate markets. Commercial real estate everywhere is under full assault as commuters ramp up home productivity. Every business will question why it can't halve its commercial footprint and keep the workforce at home. Workers will do anything for this arrangement as its far cheaper and less time consuming.

Auto loans? A very small percentage of households will downsize the number of cars. The rest will repair and drive 40% fewer miles. The only saving factor for auto manufacturers is that most brands are designed as 100,000 mile throwaways. Planned obsolescence.

Trinket capitalism means little when confronted with matters of life and death. Leaving junk to your heirs is only something you'd do to someone you don't like very much. Retailers will struggle in the new normal. It's not coming back, even when vaccines end the crisis.

So yeah, double digit unemployment? You think?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to bucolic_frolic (Reply #5)

Sun May 24, 2020, 11:57 AM

10. Indeed....

in my own world, we're seriously thinking about turning some of "carpet land" into production / warehousing land. Expectation is those not essential on-site may not return until next year, if ever on a 5 day per week basis. It's cheaper and we need the space for more productive activities. Plus, in my mind it keeps our on-site essential folks safer in the interim.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to paleotn (Reply #10)

Sun May 24, 2020, 12:12 PM

14. Helicopter money is keeping stock markets up, but it will trickle into collapsing output

causing inflation at some point. This will hive the have-nots from the have-somes, who should be ok - these being the essential folks as you say. I must question if Republicans are viewing and using the pandemic as social Darwinism, those eliminated being mostly the weak, and in their minds inferior segments of the population. Pretty much obvious at this point I guess.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Original post)

Sun May 24, 2020, 11:44 AM

6. Do ya think?!

And no, the V shaped recovery won't happen. It can't at this point. That ship done sailed. Congress can tide Americans over somewhat, but it's going to be a very long, painful slog back to where we were. Whole businesses are being destroyed as I type this, and the jobs they provided will disappear for months if not years to come.

And there's nothing "creative" at all about this destruction. It wasn't caused by innovation or natural changes in markets. It was caused by one man's stupidity. Once a small to medium sized business burns its capital in a failed attempt to survive this debacle, it's done, finished. Some companies are becoming debt zombies, floating debt to survive that they can't possibly hope to cover the interest on much less principle, and will never, ever recover. They will continue to shed jobs for months and months to come.

A demand collapse will shortly become a balance sheet collapse, and it will be years before lenders will feel safe to lend again, making the housing collapse look like a picnic. The damage is done and continues unabated, because Donnie and Mitch screwed up, continue to screw up and fucked it up for everyone. Mark my words....this will go down as the singular most destructive administration in US history.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Original post)

Sun May 24, 2020, 11:48 AM

8. Dear TPM - he and she both said unemployment (not unemployment claims) being at double digits

I listened to the entire taped segment and neither one said unemployment claims at 9% or at double digits. Unemployment claims is not given in percent, and it is never in "double digits". Sigh. Typically (first time) unemployment claims is a number like 255,000 or 320,000 (and as we know, been in the multi-millions each week for the last 9 weeks).

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Original post)

Sun May 24, 2020, 11:58 AM

11. According to the BLS, their unemployment rate was "almost" 20% in April -- specifically here's what

they said in their April jobs report that came out May 8:

https://www.bls.gov/news.release/empsit.nr0.htm
As was the case in March, special instructions sent to household survey
interviewers called for all employed persons absent from work due to coronavirus-related business
closures to be classified as unemployed on temporary layoff. However, it is apparent that not all
such workers were so classified.

If the workers who were recorded as employed but absent from work due to "other reasons" (over
and above the number absent for other reasons in a typical April) had been classified as unemployed
on temporary layoff, the overall unemployment rate would have been almost 5 percentage points higher
than reported
(on a not seasonally adjusted basis). However, according to usual practice, the data
from the household survey are accepted as recorded. To maintain data integrity, no ad hoc actions
are taken to reclassify survey responses.


In other words, the Bureau of Labor Statistics admits that the official unemployment rate is almost 5 percentage points higher than the 14.7% reported due to classification errors made by some of the household survey interviewers (making it close to 20%)

And the April numbers come from a sample week of April 12-18. Many more millions of jobs were lost since then, according to the weekly new unemployment claims reports that came out since.

Putting all of the above together, it is a virtual certainty that the unemployment rate was well over 20% at the end of April.

Also, in this same jobs and unemployment report:

In April the employment-to-population ratio is the lowest since records of that began in January 1948 (72 years ago)

Ditto the unemployment rate (except it is at the highest, not the lowest, since that seasonally adjusted series began in January 1948)


More Details:
https://www.democraticunderground.com/?com=view_post&forum=1017&pid=581690

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Original post)

Sun May 24, 2020, 12:06 PM

13. It already is, idiot!

Sheesh

Reply to this post

Back to top Alert abuse Link here Permalink


Response to ananda (Reply #13)

Sun May 24, 2020, 12:40 PM

17. If it gets into triple digits...

we're all screwed.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to ananda (Reply #13)

Sun May 24, 2020, 12:56 PM

18. Yep. Just another piece of disinformation for the media to run with.

The national unemployment rate on May 8 was 14.7%. It has gone up since then.

Only 7 states have a rate under 10%. None have a rate under 7%.

Nevada’s rate is 28%.

Source: Bureau of Labor Statistics

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Original post)

Sun May 24, 2020, 12:13 PM

15. Except for the Great Depression (with a D), the unemployment rate has only been in double digits in

Last edited Sun May 24, 2020, 01:05 PM - Edit history (1)

just one period since then: for 10 months in 1982-1983 (Reagan!) it was 10.X%, topping out at 10.8% in Nov-Dec 1982.

http://data.bls.gov/timeseries/LNS14000000

EDITED TO ADD: oh shit, I missed one: during the Great Recession (with an R), it reached 10.0% once, and in just one month, October 2009.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Original post)

Sun May 24, 2020, 12:37 PM

16. Who the hell is this idiot?

Nothing I've found that shows he knows what the hell he is doing.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to LiberalFighter (Reply #16)

Sun May 24, 2020, 01:32 PM

20. He looks dRunk-full of kkkool-aid

Full of disinfectant...

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Original post)

Sun May 24, 2020, 01:28 PM

19. This is going to be a world wide problem.

Unemployment in many parts of China is already at greater than 20% according to some reports. And the European Union is bracing for record high unemployment there are well. This virus has really thrown a monkey wrench into the world's economy.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to turbinetree (Original post)

Sun May 24, 2020, 02:13 PM

21. People will be living in McConnellvilles all over the US

Hell...when the CV fires back up big time over this rushed opening 25% unemployment will look good later on. New numbers out in two weeks and they won't be pretty.

Of course IQ45 will claim that was before people happily went back to work (No..were forced back into the workplace just to keep their job) so the numbers are much much lower. Maybe Trump should visit that re-opened salon in Springfield,Mo to get the "pulse" of the Nation.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread