The jobless rate might hit 20% without taking drastic measures, the Treasury Secretary told Senators, as many Americans already face layoffs
As he urged Republican lawmakers Tuesday to take drastic action to prop up workers and business during the coronavirus crisis, Treasury Secretaryissued a stark warning: Should they fail to take such measures, and quick, the United States jobless rate could swell to 20%, a rate double that of thereported
the interaction, that the unnerving figure was not a prediction, but one mathematical possibility presented to Senate Republicans. Still, that such a number is on the administration’s radar highlights the extraordinary position the U.S. finds itself in as it contends with the rapidly escalating public health crisis—and its unpredictable, but potentially dire economic side effects.
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