Mnuchin: Unemployment rate could hit 20 percent

It might just be scaremongering to convince Republican lawmakers to get behind a stimulus package and bailouts for vulnerable industries, but even so, this is jarring.

CNN:

Treasury Secretary Steven Mnuchin warned Republican senators Tuesday that the coronavirus pandemic could drive up US unemployment to 20%, a Republican Senate source told CNN.

Mnuchin's comments came as he urged Republican senators to act on economic stimulus measures totaling $1 trillion designed to avert that kind of worst case scenario.

In the same meeting, Mnuchin also said he is concerned the economic ramifications of the coronavirus pandemic could be worse than the 2008 financial crisis, the source said.

Now, a cynic might point out that President Obama and the Democrats got almost no Republican support when they proposed a stimulus package to buoy the economy in the wake of the Bush Great Recession. But I’m not a cynic. I look toward the future with a warm and fuzzy feeling of comity and camaraderie. And we likely do need a stimulus to see us through. I just wish we hadn’t blown our fiscal wad with the GOP tax scam.

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So Democrats will do the right thing, no doubt. Because we’re adults. But, well, fuck them and the financial crisis they’re bound to ride out on. Again.

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