Stephen Moore: We’re facing another ‘Great Depression’
“If we go much past May 1, we are facing a potential Great Depression scenario,” Moore added. The economist also said that the country’s unemployment rate could get as high as 23 percent. The Great Depression saw the highest unemployment rate in the country’s history at around 25 percent in 1933.
In the past two weeks, an unprecedented 10 million Americans have filed for unemployment. Some have estimated the the unemployment rate has already spiked to about 10 percent, with one economics professor saying that it could be as high 13 percent.
During the Great Recession, unemployment peaked at 10 percent in October 2009.
Trump has continuously repeated that he wants America to get back to work as soon as possible, but earlier in the week, the White House extended its social distancing guidelines until the end of April, as COVID-19 continues to spread across the country.
Hundreds of billions of dollars have gone to small businesses and lagging industries in the recently passed $2 trillion stimulus package. However, some lawmakers are unsure that the mammoth package will be enough to mitigate the economic fallout caused by the virus. Some lawmakers, both Democrats and Republicans have signaled that they are willing to pass a fourth coronavirus relief bill, and Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellPelosi eyes end of April to bring a fourth coronavirus relief bill to the floor Progressive group knocks McConnell for talking judicial picks during coronavirus Overnight Health Care: CDC recommends face coverings in public | Resistance to social distancing sparks new worries | Controversy over change of national stockpile definition | McConnell signals fourth coronavirus bill MORE (R-Ky.) Friday confirmed that there will be a fourth bill.
John Catsimatidis is an investor in The Hill.