White House economic advisor Kevin Hassett said it is “pretty likely” that the federal government would issue a second stimulus check to Americans. “I think it’s coming sooner rather than later,” Hassett told CNN on Friday.
Hassett warned that another stimulus package will likely be necessary as the U.S. economy attempts to stay afloat during Great Depression-like unemployment rates. The U.S. unemployment rate rose by 10.3 percentage points in April to 14.7% — 11.1 points higher than in April 2019. More than 38 million people have filed jobless claims since the COVID-19 shutdown. Three states have unemployment rates over 20%: Hawaii, Michigan, and Nevada, which is at 28.2%.
Hassett is concerned that national unemployment could balloon to over 20% in May and June. Hassett said that unemployment might increase to 22% to 23% by the end of May and could edge up a bit in June before dropping off.
“June will be higher,” he said on Friday. “That will be the turning point.” – READ MORE
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