U.S. Unemployment Rate Could Rival Great Depression's: Trump Adviser

The U.S. economy is experiencing the biggest negative shock it has likely ever seen, with the countrys unemployment rate approaching the level last seen during the Great Depression, an economic adviser to President Donald Trump said Sunday.

Make no mistake, its a really grave situation, White House senior adviser Kevin Hassett said on ABCs This Week when asked about the current economic outlook and Trumps hope for a sharp, V-shaped recovery.

Were going to be looking at an unemployment rate that approaches rates that we saw during the Great Depression, he said. During the Great Recession, remember that was the financial crisis around 2008, that we lost 8.7 million jobs in the whole thing. Right now were losing that many jobs about every 10 days. So the lift, the economic lift for policymakers is an extraordinary one, he said.

NEW: White House senior adviser Kevin Hassett tells @gstephanopoulos that the economic outlook is a \"really grave situation.\"

\"We're going to be looking at an unemployment rate that approaches rates that I think we saw during the Great Depression.\" https://t.co/vM8WcrQKg0 pic.twitter.com/ds7QtseNqe

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NEW: White House senior adviser Kevin Hassett tells @gstephanopoulos that the economic outlook is a "really grave situation."

"We're going to be looking at an unemployment rate that approaches rates that I think we saw during the Great Depression." https://t.co/vM8WcrQKg0 pic.twitter.com/ds7QtseNqe
This Week (@ThisWeekABC) April 26, 2020

Roughly 26 million people have filed for unemployment benefits in the U.S. since the coronavirus outbreak began, with economists forecasting the unemployment rate to be as high as 20% this month. The Great Depression, for comparison, saw unemployment peak around 25% in 1933.

Hassett, who is the former chairman of the Council of Economic Advisers, said that it will be up to both Republicans and Democrats to determine what happens next to give us the best chance possible for a V-shaped recovery.

This sobering analysis by Hassett came as Treasury Secretary Steven Mnuchin offered a far more rosy forecast that relied on financial boosts being injected into the economy.

In an interview with Fox News Sunday, Mnuchin told host Chris Wallace that he expects the economy will really bounce back through July, August and September thanks to stimulus checks being sent to Americans and loans being offered to small businesses through the replenished Paycheck Protection Program.

Secretary Mnuchin on expectations for restarting US economy, new relief for small businesses https://t.co/zBg7LXH3QI

James Cooper (@coop22089074) April 26, 2020","type":"rich","meta":{"author":"James Cooper","author_url":"https://twitter.com/coop22089074","cache_age":86400,"description":"Secretary Mnuchin on expectations for restarting US economy, new relief for small businesses https://t.co/zBg7LXH3QI James Cooper (@coop22089074) April 26, 2020\n\n","options":{"_hide_media":{"label":"Hide photos, videos, and cards","value":false},"_theme":{"value":"","values":{"dark":"Use dark theme"}}},"provider_name":"Twitter","title":"James Cooper on 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Secretary Mnuchin on expectations for restarting US economy, new relief for small businesses https://t.co/zBg7LXH3QI
James Cooper (@coop22089074) April 26, 2020

Mnuchin, in his public comments, has remained hopeful throughout these past several weeks. Back in March, he said he didnt expect an economic recession , only a slowdown.

We are putting in an unprecedented amount of fiscal relief into the economy, Mnuchin said Sunday. Youre seeing trillions of dollars thats making its way into the economy and I think this is going to have a significant impact.

When confronted by Wallace with contrasting assessments including Goldman Sachs recently predicting the global hit from the coronavirus to be four times worse than the 2008 recession Mnuchin said: Well see.

As businesses begin to open, youre going to see the demand side of the economy rebound, Mnuchin said.

Expedia and IAC Chairman Barry Diller, also sharing his economic expectations Sunday, gave a contrasting downcast view, with the billionaire businessman telling CBSs Face the Nation that theres no chance of a rebound by the fall.

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Anyone who thinks that this economy is going to bounce it cant. The damage that is being done is catastrophic, he said.

NEWS: Theres no chance of an economic rebound this fall, as the White House predicts, $IAC and $EXPE senior executive Barry Diller tells @margbrennan.

To anyone who thinks this economy is going to bounce you have to have the idea of a rubber ball that is not in existence pic.twitter.com/7Qr5msHTN5

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To anyone who thinks this economy is going to bounce you have to have the idea of a rubber ball that is not in existence pic.twitter.com/7Qr5msHTN5 Face The Nation (@FaceTheNation) April 26, 2020\n\n","options":{"_hide_media":{"label":"Hide photos, videos, and cards","value":false},"_theme":{"value":"","values":{"dark":"Use dark theme"}}},"provider_name":"Twitter","thumbnail_height":360,"thumbnail_url":"https://pbs.twimg.com/amplify_video_thumb/1254425313389445121/img/Wibs1WdLZk3x1-Si.jpg","thumbnail_width":640,"title":"Face The Nation on 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NEWS: Theres no chance of an economic rebound this fall, as the White House predicts, $IAC and $EXPE senior executive Barry Diller tells @margbrennan .

To anyone who thinks this economy is going to bounce you have to have the idea of a rubber ball that is not in existence pic.twitter.com/7Qr5msHTN5
Face The Nation (@FaceTheNation) April 26, 2020