“Fed Official Warns of 30% Unemployment”
March 23, 2020
“Reserve official believes unemployment could hit 30% in the months ahead as the ongoing coronavirus pandemic – and the widespread business closures that have been adopted to stem its spread – wreaks havoc on the U.S. economy.
James Bullard, president and CEO of the Federal Reserve Bank of St. Louis, told Bloomberg in an interview on Sunday that he believes unemployment could hit 30% during the second quarter of the year. His prediction comes days after government data showed initial unemployment claims earlier this month grew faster than they did at any point during the Great Recession. This Thursday’s publication of unemployment data from last week is expected to be among the worst in modern history…”
Talk about bad news; that level of unemployment is great depression level.