Economic news is not improving

    White House Economic Advisor Kevin Hassett.

    Washington, DC (ABC) - Over 26 million Americans have filed for jobless benefits since the coronavirus pandemic hit.

    White House Senior economic advisor Kevin Hassett told ABC's This Week the country is in for a rough couple of months.

    Hassett predicted negative GDP (gross domestic product) at about minus 15-20 percent.

    "This has been the biggest negative shock to our economy that we have ever seen.  We will be looking at an unemployment rate that approaches the rates during the Great Depression."

    Hassett said there is hope on Wall Street and a possible rebound.

    "Markets look like they expect to get back to normal quickly.  God willing, that is what happens," he added.

    Federal Treasury Secretary Steve Mnuchin had a different opinion.  He said the economy will lag for a couple of month but the summer should bring improvement.

    "As we open up the economy in May and June you will begin to see the economy bounce back in July, August and September.," he added.

     

     

     

     

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