Fox news Sunday was warned by the Treasury Secretary Steven Mnuchin that the numbers reported of unemployment are probably going to be worse before they get better. In April the US lost 20.5 million of jobs was reported by the labour department. Since the great depression the jobless person percent it is at its highest which is 14.7%. now the American are no longer interested looking for work and aur considered underemployed, Chris Wallace, the host of Fox news Sunday inquired Mnuchin the the actual rate of unemployment might be nearly about 25%. Mnuchin replied “we could be”.
There is no fault of American business, no fault of American workers, it is the only result of a virus(Covid-19) said by the Steven Mnuchin. The second quarter of economy will be affected very badly after that he continued there can be a better third quarter and fourth quarter and next year can be called as a great year. Most stimulus efforts are considered by White House”But we will stand by for a few weeks” to agree to another relief bill before deciding on weather said by the Mnuchin.There is definite talk of a payroll tax cut, he said, but “we’re not gonna do things just to bail out states that were poorly managed.” President Trump has pushed for a payroll tax cut by the idea face bipartisan opposition in.