MSNBC Economic Analyst: Trump Will ‘Probably Be Facing Double Digit Unemployment on Election Day’
Morning Joe economic analyst Steve Rattner has warned that the coming recession will likely be deep and long lasting. The New York investment manager suggested that unemployment could still be in double digits by the election in November.
“There will be unemployment numbers tomorrow, but they’ll be relatively benign because they’re gathered during the middle of March, before most of this hit,” Rattner said.
“Ahead, you can see where we’re going from here, which is essentially into double digit unemployment.”
“Then we’re just going to go up like a rocket ship,” he said. “These are Goldman Sachs’ projections but you look at most other mainstream economists, you’re going to see something very much like this. So in the second quarter of this year, which just started yesterday, the day before, we go to 13.2%. And then in the third quarter over the summer, they’re projecting we’re going to hit 14.7%”
“We’re talking about an unemployment rate 50% higher than where we got to during the great financial crisis. Many people say to themselves, well, this is gonna be a v-shape recovery. We’re gonna bounce back as fast as we bounced down because people will go back to work. But if you look at what the projections show, that’s not what we’re looking at. We’re looking at a long, slow recovery in jobs, unemployment rate going to 9.5% at the end of this year.”
“We don’t get back to anything like where we are today until 2023, which is a very long time from now,” Rattner said.
“Then just one little political footnote, Donald Trump will probably be facing double digit unemployment on election day this fall. We can all debate the consequences of that.”
Watch the video above, via MSNBC.