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Steve Mnuchin: The Actual Unemployment Rate May Be 25%

Steve Mnuchin has found himself on the firing line more often than not over the last few months. With the United States economy crashing in ways that are near unprecedented in the nation’s history, the much maligned Treasury Secretary is often tasked with answering difficult questions.

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And during his appearance with Fox News’ anchor Chris Wallace on Sunday, Mnuchin was peppered with queries that were at time hard to respond to. At one point, Wallace even got Mnuchin to admit that the actual unemployment rate is probably close to 25%.

Earlier this week, the American Unemployment rate rose to 14.7%. This was the highest rate seen by the country since the Great Depression.

Fox News’ Wallace, though, still felt that this percentage wasn’t necessarily accurate. He asked Mnuchin, “Aren’t we talking close to 25% at this point, which is Great Depression neighborhood?”

The Treasury Secretary responded, “Chris, we could be. But let me just emphasize: Unlike the Great Depression where you had economic issues that led to this, we closed down the economy. So it wouldn’t be a surprise if you closed down the economy that in half of the workforce, half the people didn’t work.”

Mnuchin continued, “That’s why we’re very focused on rebuilding this economy and getting back to where it was. This is no fault of American business. This no fault of American workers. This is the result of a virus. … You are correct. The reported numbers are probably going to get worse before they get better.”

 

 



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