Unemployment Rate Could Hit 32% Due To Pandemic

Economists at the Fed are now warning that as many as 47 million Americans could lose their jobs due to the pandemic, which would mean our unemployment rate would skyrocket all the way to 32%. This is what happens when you don't take the problem seriously, and the virus is allowed to spread unabated. Ring of Fire's Farron Cousins explains what's happening.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

If you thought 3.3 million new initial jobless claims in the last week were bad, economists are now warn, warning us, you ain't seen nothing yet. Not only are they predicting jobless claims to rise by another two and a half million just this week, but they are predicting that by the time this all ends, we could be looking at 47 million Americans who have lost their jobs because of the pandemic, spiking the unemployment rate to 32%. That is if we continue on the current trajectory, meaning nothing changes all else stays the same. One third of the country will be without a job by the end of this year perhaps. Now I don't know about you, but that is a terrifying thought. 32% of the country, again, we're talking a third of the workers in this country suddenly without a job. That is going to send our economy crashing into a depression and not gradually either, folks.

This is going to be an instantaneous type thing. This is going to happen in a matter of weeks if we hit this point. But much like the issue of climate change, we can prevent the worst of this from happening. We really and truly can. Unfortunately, this is a country led by a group of morons and so that's why economists are having to come out here and warn us about these worst case scenarios. Warn us about what will happen if we keep responding the way we have. This is what's going to happen if you have these conservatives out there who continue to break stay at home orders or quarantine orders because they don't believe the liberal media is telling us the truth about the virus and they're going to go out there and get more and more people infected.

Folks, these stay at home orders. These don't leave your houses, these quarantines, these restaurants being closed. It's sucks, but it's also 100% necessary. These are things that we have to do. We have to protect ourselves. We have to protect our friends, our family, our neighbors, the entire community. It is on each of us because if we don't now, we have the numbers, we see what's going to happen. If this administration continues to screw up the response, if they continue to deny the supplies to the medical professionals who need them, this is where we're headed. 47 million unemployed Americans, one third of the workforce without a job and a massive depression just on the horizon.

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