Unemployment Will Get Worse Before it Gets Better: Steven Mnuchin

Unemployment Will Get Worse Before it Gets Better: Steven Mnuchin
фото показано с : beincrypto.com

2020-5-11 09:15

In unwelcome news, Treasury Secretary Steven Mnuchin has stated that unemployment may get far worse before the COVID-19 crisis is over. Per the Secretary, the jobless rate may reach 25%, levels comparable to those during the Great Depression.

The massive unemployment numbers have been the result of business closures during the national lockdown due to the crisis. While many workers expect to return after the economy restarts, Mnuchin indicated there may be ‘permanent damage‘ to the economy.

Unemployment Freefall

The jobless numbers exploded in April, as more than 20.5 million sought benefits, bringing the total unemployment rates to 14.7%.

While the week-over-week numbers have slowed significantly, the impact is still being felt. White House advisor Kevin Hassett said that these numbers are unprecedented:

“This is the biggest negative shock to an economy that we have ever seen in our lifetimes. It hit an economy that in January was about the strongest economy we’d ever seen.”

A Silver Lining

While the numbers appear daunting, there is still some hope for recovery. Mnuchin noted that the unemployment rates were not the result of an underlying economic recession, but were simply in response to the virus.

For that reason, some hope remains that the numbers could bounce back rapidly. The drastic losses would have a substantial impact, but many of those workers would be quickly rehired.

Additionally, the liquidity issues facing the economy may also be mitigated by government stimulus packages. With more than $9 trillion earmarked for different stability measures, funds to keep the economy running should be widely available.

Missing Pieces

Of course, the unintended consequence of those stimuli may well be felt by workers returning to jobs. The current inflation rates for central banks are soon to be greater than that of Bitcoin.

This increase in monetary supply (M2) could have a substantial effect on pricing. Pent up demand could restart the consumer cycle, but may also leave consumers with far less purchasing power than before the crisis.

The post Unemployment Will Get Worse Before it Gets Better: Steven Mnuchin appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Theresa May Coin (MAY) на Currencies.ru

$ 0.0006355 (-0.17%)
Объем 24H $0
Изменеия 24h: 0.07 %, 7d: 7.71 %
Cегодня L: $0.0006351 - H: $0.0006355
Капитализация $0 Rank 8455
Цена в час новости $ 9.95E-5 (538.69%)

mnuchin secretary unemployment steven may get worse

Источник: beincrypto.com

mnuchin secretary → Результатов: 102


Watch out unlicensed crypto businesses, the Department of Homeland Security is coming for you

The crypto industry was given a warning in July of last year when U. S. President Donald Trump professed his disdain for Bitcoin and cryptocurrency in a tweet thread, which was closely followed by comments from Treasury Secretary Steven Mnuchin, who declared the lack of regulations surrounding crypto a matter of “national security.

2020-2-27 16:30


XRP Ripple Breaks Above $0.3000 while the US Senate Debates Crypto Security

The US Senate Debates 2020 Budget and Global Regulations: In the meantime, across the ocean, in the United States, the Senate held a detailed analysis of the upcoming 2021 budget volume and at this event, the US Treasury Secretary Steven Mnuchin was asked by senior members in what manner will the United States Treasury increase […] The post XRP Ripple Breaks Above $0.

2020-2-18 16:55


Mnuchin Tells Congress Tougher Laws Will Be Introduced On Cryptocurrency Payments Soon

During a recent Senate Finance Committee hearing, Steve Mnuchin the U. S. Treasury Secretary called on the FinCEN, a U. S financial regulatory authority, to put in place new cryptocurrencies regulations and guidelines in a bid to reduce the money laundering, illicit trades and activities that cryptocurrencies purportedly enhance.

2020-2-13 21:39


Mnuchin Has No Problem With Libra Crypto Launch; Agrees With Powell, No Need For A Digital Dollar

Steven Mnuchin, the US Treasury Secretary said that he and Jerome Powell, the Federal Reserve Chairman, think the US doesn’t need to create a digital currency soon. This is what Mnuchin declared on Thursday, at a Washington House Financial Services Committee hearing: “Chair Powell and I have discussed this — we both agree that in […]

2019-12-6 17:59


Libra associates got concerned and dropped out: Secretary Steven Mnuchin

Facebook’s Libra initiative hit another roadblock prior launch after Libra associate companies including MasterCard, Visa and Stripe announced dropping out on October 9. While the decision was made after two Democratic Senators asked the the three banking giants to rethink their stance on Libra, speculation around the Senators’ being a threat clouded the crypto ecosystem.

2019-10-15 21:00


In A Historic Move, US Declares China As Currency Manipulator Escalating Trade & Currency War

The US Treasury Department on Monday designated China as a currency manipulator in a historic move that hasn’t been exercised since the Clinton administration. “Secretary Mnuchin, under the auspices of President Trump, has today determined that China is a Currency Manipulator,” the Treasury Department said in a release. “As a result of this determination, Secretary […]

2019-8-6 16:10


Pro-Crypto SEC Commissioner Urges Regulators to Take a “Forward-Leaning” View on Crypto Matters

With the crypto market gradually developing, one might have wondered why President Donald Trump has been keeping his opinions concealed regarding said matters. Not too long ago, the president along with Treasury Secretary, Steven Mnuchin both shared their distaste for digital assets, where the latter stressed the actuality of “very, very strong” regulations. As a […]

2019-8-4 22:23


Treasury Secretary Supports DOJ’s Decision to Probe Amazon’s Monopoly

Treasury Secretary Steven Mnuchin concurred with the DOJ that anti-competitive practices at the big tech companies warrant an antitrust investigation — an idea first proffered by Walmart. In an interview on CNBC, Steven Mnuchin said that while there have been many benefits to Amazon, the company has also destroyed the American retail industry, thereby limiting […] The post Treasury Secretary Supports DOJ’s Decision to Probe Amazon’s Monopoly appeared first on CCN Markets

2019-7-25 23:30


Фото:

I Won’t be Loaded Up on Bitcoin in 10 Years from Now — Steve Mnuchin

U. S. Treasury Secretary Mnuchin has taken his ‘no coiner’ status to a new level by saying he won’t be loading up on bitcoin for the next 10 years. Mnuchin Says He Won’t Be Talking About Bitcoin in 10 Years Speaking to CNBC on Wednesday (July 24, 2019), Secretary Mnuchin waved off suggestions that he would be a bitcoin “gazillionaire” in the next years.

2019-7-24 18:00


XRP And Libra, Friends or Foes?: Ripple CEO Brad Garlinghouse Weighs In, Also Addresses Bank Of America’s Patent

Brad Garlinghouse, Ripple Labs CEO, has in the past not shied away from expressing his opinions about the crypto-space. Following the infamous tweetstorm by the US President and the disdain comments made by the US Treasury Secretary Steven Mnuchin about bitcoin and Libra, Brad responded via a series of tweets.

2019-7-24 11:40


Industry Leader Claims U.S. Outlawing Crypto Ownership Would be “Worst Case Scenario”

Although most of the crypto industry has long known that the US is far behind other countries in terms of implementing “do no harm” regulations on nascent markets, recent comments from President Donald Trump and Treasury Secretary Steve Mnuchin have signaled that rather than creating a “sand-box” regulatory environment for Bitcoin and cryptocurrencies, they will.

2019-7-24 01:00


дальше еще 53 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru