Trump adviser predicts will drop by 40% as economists say ONE THIRD could be out of work

Source: The Sun - View Original Article
Published: May 06, 2020
Category:
Bias Rating:

55% Liberal


Bias Score Calculation:


Policies:

Taxes

Sentiments

92% "The official unemployment rate does not capture all workers facing adverse employment conditions, economists Jason Faberman and Aastha Rajan wrote in a blog published ..."
79% "The amount is more than five times the government's previous borrowing for a quarter, which was $595 billion and during the 2008 financial crisis.""
76% "Borrowing needs are skyrocketing as the Treasury needs finances to fund stimulus measures and to compensate for a plunge in revenues caused by massive ..."
75% "And as they do that there's necessarily going to be more output and more GDP, so I think that Q2 is going to be ..."
69% "As of April 30, 30 million Americans have filed for unemployment benefits, with the number of first time claims totaling 3.8 million.""
67% "The revelation came as Treasury secretary Mnuchin said that President Trump is prepared to send out more stimulus payments to support businesses and individuals ..."
65% "Meanwhile economists at the Federal Reserve Bank of Chicago estimated job unemployment rates could be as high as 34 percent, compared to the 16 ..."

We have listed the top 10 sentiments. More sentiments do exist. Please review the full article for more information.



*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization

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Contributing sentiments towards policy:

92% : "The official unemployment rate does not capture all workers facing adverse employment conditions," economists Jason Faberman and Aastha Rajan wrote in a blog published on Tuesday.
79% : The amount is more than five times the government's previous borrowing for a quarter, which was $595 billion and during the 2008 financial crisis.
76% : "If we need to put more money out to support American business and American workers, the president is absolutely prepared to do that," Mnuchin told FOX Business' Maria Bartiromo on Monday.
76% : Borrowing needs are skyrocketing as the Treasury needs finances to fund stimulus measures and to compensate for a plunge in revenues caused by massive job losses, Nancy Vanden Houten, an economist at Oxford Economics, told AP.
75% : "And as they do that there's necessarily going to be more output and more GDP, so I think that Q2 is going to be a massively negative number.
69% : As of April 30, 30 million Americans have filed for unemployment benefits, with the number of first time claims totaling 3.8 million.
67% : The GDP prediction was made by President Trump's senior economic adviser Kevin Hassett during an interview with Fox News Business.
67% : The Treasury said the sum is required to pay for $2.99 trillion in aid that the government has spent on programs to support the tens of millions of jobless workers and closed businesses through direct patients and loans, AP reports.
67% : The revelation came as Treasury secretary Mnuchin said that President Trump is prepared to send out more stimulus payments to support businesses and individuals if necessary.
65% : Meanwhile economists at the Federal Reserve Bank of Chicago estimated job unemployment rates could be as high as 34 percent, compared to the 16 percent forecast by economists previously polled by Reuters.
64% : "My guess right now is probably around -40 percent," he predicted.
55% : In addition, the government needs to borrow to cover the shortfall in revenue that will occur because the Trump administration has delayed the deadline for tax payments this year from April to June.
46% : "To count as unemployed, one must be out of work and either on temporary layoff or actively looking and available for new work.
46% : "This leaves out many people who want to work but did not look for work in the period covered by the data, as well as people who may remain employed but at substantially reduced hours."
42% : Congress has already passed for economic relief packages to help Americans who have been impacted by the COVID-19 pandemic.
33% : "Then Q3 will be a very, very large positive number because we are going from stopped to not stopped."
28% : "What's happened is that for the second quarter we've really shut things down, and now gradually the governors, as they decide it is safe, are going to start opening up," Hassett explained.
22% : On Tuesday it emerged the Treasury is set to borrow $3 trillion this quarter alone in order to combat the coronavirus.
18% : The pair project the rate of unemployed Americans to rise between 25.1 percent and 34.6 percent.
9% : ONE third of Americans could end up out of work as a result of the coronavirus pandemic, while the country's GDP could drop by as much as 40 percent.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization

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