A White House senior economic senior advisor, Kevin Hassett, said on ABC's 'This Week with George Stephanopoulos' on Sunday morning that the economy is in a 'really grave situation.'
Speaking to reporters on the White House lawn on Sunday morning, Hassett said the unemployment rate could hit 16% and "the next couple of months are going to be terrible" for economic data.
"We see an unemployment rate that approaches rates we saw during the Great Depression," Hassett told ABC's "This Week." "During the Great Recession we lost 8.7 million jobs in the whole thing. Now we're losing that many every 10 days, so the lift for economic policy makers is an extraordinary one." "A lot will depend on what happens next," Hassett said about the chances of seeing a V-shaped economic rebound rather than a longer U-shaped return to economic growth. "What we've done with the previous legislation is built a bridge hopefully to the other side of the disease, but then we have to make sure we have what it takes to prosper. "
Wallace questioned the Treasury Secretary's confidence, citing numbers including the nonpartisan Congressional Budget Office projecting GDP will shrink by 5.6% this year and unemployment end 2020 close to 12%. The Fox News host also noted that Mnuchin's former employer, Goldman Sachs, says the global hit will be four times worse than the 2008 Great Recession.
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