U.S. unemployment rate will get worse, Treasury's Mnuchin says

[webfact]

U.S. unemployment rate will get worse, Treasury's Mnuchin says

 

 

FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin answers questions during the daily coronavirus task force briefing at the White House in Washington, U.S., April 21, 2020. REUTERS/Jonathan Ernst/File Photo

 

WASHINGTON (Reuters) - The staggering U.S. unemployment rate reported by the government on Friday amid coronavirus lockdowns may get even worse, Treasury Secretary Steven Mnuchin said on Sunday.

 

"The reported numbers are probably going to get worse before they get better," Mnuchin told the Fox News Sunday program.

 

The unemployment rate surged to 14.7% in April, the Department of Labor reported.

 

A senior White House economic adviser on Sunday said the nation's unemployment rate would likely continue to rise, potentially above twenty percent, in the next month after April saw a record spike in joblessness. This report produced by Zachary Goelman.

 

That shattered the post-World War Two record of 10.8% touched in November 1982.

 

Mnuchin indicated the White House was talking about more fiscal measures to ease the economic pain from the pandemic. But, Mnuchin said the federal government did not want to bail out states that were "poorly" managed.

 

The White House is pushing for a payroll tax cut, he added.

 

(Reporting by Heather Timmons; Editing by Will Dunham)

 

-- © Copyright Reuters 2020-05-11

 

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[bendejo]

Tomorrow's news today:

Treasury Secretary Steven Mnuchin has been fired.  Fox blasted by POTUS for broadcasting fake news.

 

 

[Bluespunk]

1 hour ago, webfact said:

Mnuchin indicated the White House was talking about more fiscal measures to ease the economic pain from the pandemic. But, Mnuchin said the federal government did not want to bail out states that were "poorly" managed.

Playing politics with the pandemic. That’s low,,,

[pegman]

The unemployment rate will be the least of that country's problems if they continue opening the economy prematurely.

[Mama Noodle]

1 hour ago, webfact said:

Mnuchin indicated the White House was talking about more fiscal measures to ease the economic pain from the pandemic. But, Mnuchin said the federal government did not want to bail out states that were "poorly" managed.

 

All they need to do is file bankruptcy and/or get in line with federal law. Using the virus and lockdowns as leverage to bail out decades long debt while openly flaunting federal law is wrong. 

 

These states can see themselves going under fiscally, yet 100% refuse to align themselves with and budget within their means. 

 

I hope they do get refused bailout money unless they wind their spending in, inline with their incomes, remove sanctuary city status, and follow federal law. 

[nattaya09]

18 minutes ago, Mama Noodle said:

 

All they need to do is file bankruptcy and/or get in line with federal law. Using the virus and lockdowns as leverage to bail out decades long debt while openly flaunting federal law is wrong. 

 

These states can see themselves going under fiscally, yet 100% refuse to align themselves with and budget within their means. 

 

I hope they do get refused bailout money unless they wind their spending in, inline with their incomes, remove sanctuary city status, and follow federal law. 

Never let a crisis go to waste....

[Cryingdick]

Pretty obvious when people are verboten from going outside. The only question is will there be any jobs left in a month or two? Before some idiot comes out and says I only care about my stocks and some idiot will do that... I am doing better than ever with the way things are. 

 

The mom and pops are going to be wiped out by truly idiotic state policies. The politicians should forfeit pay and donate it to the less advantaged. AOC wants a strike, that's fine go without that government money. 

 

Noe let's hold things up and wait until we give the Kennedy <deleted> Center before we pass anything. I love it Trump just stalling it. Boo hoo. Let Cuomo get on his hands and knees. I am not interested in bailing out NYC, isn't that where all those evil corporations and bankers that steal the food off my table are from?

 

I say tax them to death. I am not going to work, that's imprisonment. 

 

[Mama Noodle]

5 minutes ago, nattaya09 said:

Never let a crisis go to waste....

 

Democrat's Motto. 

[Mama Noodle]

2 minutes ago, Cryingdick said:

Noe let's hold things up and wait until we give the Kennedy <deleted> Center before we pass anything. I love it Trump just stalling it. Boo hoo. Let Cuomo get on his hands and knees. I am not interested in bailing out NYC, isn't that where all those evil corporations and bankers that steal the food off my table are from?

 

But But But Trump Tax Cuts for the Rich!

 

Say the liberals, when in fact we can do both lower taxes and lower federal spending, which they fight tooth and nail for some absurd reason. 

[metisdead]

A post using a trolling meme has been removed. 

[Cryingdick]

1 minute ago, Mama Noodle said:

 

California is starting to pull the same nonsense as NY, steadily updating their debt by the billions, while at the same time using taxpayer dollars for this such nonsense:

 

California announces $125 million fund for undocumented immigrants impacted by coronavirus

 

 

https://www.cnbc.com/2020/04/15/california-to-give-cash-payments-to-immigrants-hurt-by-coronavirus.html

 

I remember the liberals on this site saying how rich California was because they had an imagined $20 billion surplus. If you do the math that comes out to around $400 or $500 per person. Now good old Gavin wants to dole out money to illegals.

 

Let him wait until he is finished giving money away and then he can ask for more allowance. God forbid the homeless start setting fires in the Hollywood hills again.

[pegman]

12 minutes ago, Cryingdick said:

 

NYC in particular and NY state to a lesser degree has always looked down their noses at the flyover states. Let them figure out their already crippled state of affairs and do it on 20% of the tax revenue they used to taken. 

 

The tenant can't pay $4,000 a month. Cuomo will say landlords can't evict. The landlords are going to say they can't pay the bank $10 million dollars. Cuomo will have to tell the banks forbearance is necessary. The banks can't afford to pay the government billions and then it will finally dawn on Cuomo how truly and royally screwed he is. 

 

It's a good thing New Yahkers are tough people. Why would anybody go back to work now? When unemployment is juicy? If you are a waitress you are going to go to work for a social distancing Denny's and get paid $2.50 an hour and 75% less on tips? So you can keep your end of the rent up on a one bedroom with four roommates?

 

They just don't get it.

Well Dick, your crying about New York but it contributes more to the Feds than it gets back. A place like deep red S. Carolina on the other hand take back nearly $8 for every $1 they contribute. That's a lot of sucking by ole Lindsey.

 

https://www.theatlantic.com/business/archive/2014/05/which-states-are-givers-and-which-are-takers/361668/

[Mama Noodle]

Just now, pegman said:

Well Dick, your crying about New York but it contributes more to the Feds than it gets back. A place like deep red S. Carolina on the other hand take back nearly $8 for every $1 they contribute. That's a lot of sucking by ole Lindsey.

 

All comments like this do is illuminate the people that dont have any clue about how the US works, and posting stuff from sites like "The Atlantic" is proof.

[Chomper Higgot]

I suspect the awful truth is, many of the jobs lost will never return, particularly in retail and services.

 

The lockdown merely finishing off jobs already on life support due to market and economy changes that were already killing them.

[Cryingdick]

6 minutes ago, pegman said:

Well Dick, your crying about New York but it contributes more to the Feds than it gets back. A place like deep red S. Carolina on the other hand take back nearly $8 for every $1 they contribute. That's a lot of sucking by ole Lindsey.

 

https://www.theatlantic.com/business/archive/2014/05/which-states-are-givers-and-which-are-takers/361668/

 

It used to contribute more... The only good thing to come out of NYC is Donald Trump. 

Edited May 11, 2020 by Cryingdick

[Chomper Higgot]

1 minute ago, Mama Noodle said:

 

All comments like this do is illuminate the people that dont have any clue about how the US works, and posting stuff from sites like "The Atlantic" is proof.

You could offer a counter argument, if you have one.

[Cryingdick]

Just now, Chomper Higgot said:

I suspect the awful truth is, many of the jobs lost will never return, particularly in retail and services.

 

The lockdown merely finishing off jobs already on life support due to market and economy changes that were already killing them.

 

That isn't true. I get your thinking but there were strong companies making it that won't be back due to lockdowns and can not last under social distancing. Think pro sports. They were not dying before this. That's why this mind numbingly stupid ideas of stadiums having dividing glass and 20% seating won't last. 

 

Things are beginning to crack already and give it a month or more when the desperation sinks in.

[Mama Noodle]

9 minutes ago, Chomper Higgot said:

You could offer a counter argument, if you have one.

 

To offer a counter argument, id have to type out several paragraphs explaining civics 101 in the USA. 

 

If a poster does not understand Civics 101 and relies on clickbait from left-wing rags - then they don't deserve a lengthy reply. 

 

But to paraphrase it for the low-info posters:

 

Federal law and regulations are the law of the land. Every state has to abide and implement these. Most states implement laws and regulations on top of federal laws and regulations that are necessary to the functioning of their state, specific to their situation. Some states do not make enough income to do all of this, therefore they get government funding. Thats the purpose of federalism. States like NY, Cali, etc. DO make enough money to do all of this, and go way beyond it driving themselves into debt by choice.

 

Thats the difference. Choice. Badly managed states choose to drive debt while others have no choice. 

 

They drive themselves into debt while at the same time flaunting federal law. 

[Tug]

The largest unemployment numbers in history people dying in droves a president riffing about injecting cleaning fluids and inserting light god knows were a failed response to the pandemic a president refusing to help states that don’t support (him) are we tired of winning yet?for the life of me I don’t understand how someone could back this guy 

[Chomper Higgot]

22 minutes ago, Cryingdick said:

 

About the time Hillary moved there and declared everybody a bunch of moronic retards and  insulted everybody in the middle. I am no fan of California either if that helps. I am deplorable like that.

 

Can you explain to me how the people in those places became such whiney, useless, douchebags?

Whiney, you say.

 

 

[Mama Noodle]

17 minutes ago, Chomper Higgot said:

I suspect the awful truth is, many of the jobs lost will never return, particularly in retail and services.

 

The lockdown merely finishing off jobs already on life support due to market and economy changes that were already killing them.

 

Better learn to code then I guess. 

[Tug]

Just now, Mama Noodle said:

 

To offer a counter argument, id have to type out several paragraphs explaining civics 101 in the USA. 

 

If a poster does not understand Civics 101 and relies on clickbait from left-wing rags - then they don't deserve a lengthy reply. 

 

But to paraphrase it for the low-info posters:

 

Federal law and regulations are the law of the land. Every state has to abide and implement these. Most states implement laws and regulations on top of federal laws and regulations that are necessary to the functioning of their state, specific to their situation. Some states do not make enough income to do all of this, therefore they get government funding. Thats the purpose of federalism. States like NY, Cali, etc. DO make enough money to do all of this, and go way beyond it driving themselves into debt by choice.

 

Thats the difference. Choice. Badly managed states choose to drive debt while others have no choice. 

 

They drive themselves into debt while at the same time flaunting federal law. 

Chomper obviously he has no argument only his safe spot left wing or liberal 

[Mama Noodle]

1 minute ago, Chomper Higgot said:

Whiney, you say.

You could offer a counter argument, if you have one.

[Cryingdick]

1 minute ago, Mama Noodle said:

 

Better learn to code then I guess. 

 

Anybody that can shovel coal into a furnace ought to be able to code.-Joe Biden

[Chomper Higgot]

17 minutes ago, Cryingdick said:

 

That isn't true. I get your thinking but there were strong companies making it that won't be back due to lockdowns and can not last under social distancing. Think pro sports. They were not dying before this. That's why this mind numbingly stupid ideas of stadiums having dividing glass and 20% seating won't last. 

 

Things are beginning to crack already and give it a month or more when the desperation sinks in.

The existence of jobs/businesses that were not ‘on life support’ does not make false the observation that many jobs/businesses were ‘on life support’.

[Mama Noodle]

2 minutes ago, Chomper Higgot said:

The existence of jobs/businesses that were not ‘on life support’ does not make false the observation that many jobs/businesses were ‘on life support’.

 

What a word salad. 

 

The most venerable businesses are homegrown small businesses, and for example Cali could have used the millions of dollars of taxpayer funds that they are giving illegal aliens to aid small businesses in their state. But they choose to take honest, citizen taxpayer funds and give it to dishonest, fraudulent illegal aliens while holding out their hand to the federal government. 

[Cryingdick]

Just now, Chomper Higgot said:

The existence of jobs/businesses that were not ‘on life support’ does not make false the observation that many jobs/businesses were ‘on life support’.

 

Right and they would have eventually failed on their own. It happens everyday. But the massive scale this will happen on is beyond belief. You sound like a Libertarian now.

 

90% of the restaurant industry that thrived is gone, most of it local places. Hotels gone, casinos gone, airlines gone. 

 

Others thrive and are going to aggressively take that market share. Amazon for example is going to be your food, consumer staples, cloud service and healthcare provider in the near future. They will offer their own banking facilities and already have financing. 

 

This is how I make money is knowing these things. I am somewhat surprised to hear you now say everybody else was on the rocks. Twilio for example exploded because they offer an app that texts you when Uber is there. Now it will be when you wait in your car for a haircut, how many people fit in an elevator, pizza is here. 

 

I am telling you the biggest players will come in and take it all when others were doing just fine. The government will not be able to intervene as tax revenues sink. It is going to go to a state of corporate anarchy unless you let the mom and pops go back and have a remote chance at winning.

 

 

 

 

[Isaan sailor]

46 minutes ago, Cryingdick said:

 

NYC in particular and NY state to a lesser degree has always looked down their noses at the flyover states. Let them figure out their already crippled state of affairs and do it on 20% of the tax revenue they used to taken. 

 

The tenant can't pay $4,000 a month. Cuomo will say landlords can't evict. The landlords are going to say they can't pay the bank $10 million dollars. Cuomo will have to tell the banks forbearance is necessary. The banks can't afford to pay the government billions and then it will finally dawn on Cuomo how truly and royally screwed he is. 

 

It's a good thing New Yahkers are tough people. Why would anybody go back to work now? When unemployment is juicy? If you are a waitress you are going to go to work for a social distancing Denny's and get paid $2.50 an hour and 75% less on tips? So you can keep your end of the rent up on a one bedroom with four roommates?

 

They just don't get it.

Absolutely right.  NYC will have the toughest time with |Wuhan virus, due to its human density.  Too bad the mayor and his administration were late to the lockdown.  They invited New Yorkers to a Chinatown celebration in February.

Admission:  I love NY, and will continue to visit...

[Sujo]

Low unemployment, trump is the best ever.

high unemployment, but but but the states and hillary.

[Cryingdick]

3 minutes ago, Isaan sailor said:

Absolutely right.  NYC will have the toughest time with |Wuhan virus, due to its human density.  Too bad the mayor and his administration were late to the lockdown.  They invited New Yorkers to a Chinatown celebration in February.

Admission:  I love NY, and will continue to visit...

 

I actually like NYC and have been a frequent visitor. But you aren't having Broadway shows and the NYC experience with extreme controls. The best sushi counter bars, clubs, etc if it does not go back to normal very soon. I mean 100% normal nobody will go to see a 20% NYC.

 

It has to be full on. I am beginning to think private clubs and speakeasy sort of places will pop up. No restrictions once inside and sign a waiver if we give you Corona it is held indemnable

Edited May 11, 2020 by Cryingdick