Unemployment in the United States could reach the levels recorded during the Great Depression. Kevin Hassett, economic advisor to President Donald Trump, made this assumption in an interview with ABC News on Sunday, April 26.
“The situation is very difficult. “It’s the biggest shock in the history of our economy. We can see unemployment rates approaching those we saw during the Great Depression,” Hassett told ABC.
He also compared the figures with the more recent crisis of 2008-2009.
“In 2008, there was a shortage of 8.7 million jobs. Right now, the same number of people are losing their jobs about every 10 days,
The highest unemployment rate during the Great Depression was recorded in 1933 when it reached 25%. From 1931 to 1940, the unemployment rate was above 14 percent. Since then, unemployment has only twice exceeded 10 percent, in 1982 and 2009.
Earlier, on 24 April, it was reported that the burden on charities providing food to those in need had increased by 70 percent since the outbreak. This trend is due to the fact that the unemployment rate in the U.S. has increased significantly due to restrictive measures imposed by the coronavirus SARS-CoV-2.
On April 22, more than 40% of U.S. residents admitted they lost their jobs or faced wage cuts due to the Coronavirus pandemic.