Why Congress' Own Economists Predict 15 Million Unemployed In 2021

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While President Donald Trump says the economy will take off like a rocket when social-distancing guidelines end, the Congressional Budget Office estimates an unemployment rate of 9% at the end of 2021. In fact, economists think the US might already be at 15% unemployment. With parts of the economy like restaurants, sporting events, movie theaters, and concerts unlikely to be able to go back to 100% capacity for months or longer, it may be hard to bring the unemployment level back down to full employment rapidly.
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Why Congress' Own Economists Predict 15 Million Unemployed In 2021
Runtime: 07:21


Bad Luca
Bad Luca - 4 måneder siden
Unless there is a war.....wink wink
Redmist 78
Redmist 78 - 4 måneder siden
So we had a good economy under Clinton then Bushes destroyed it. Obama took office and had to clean up the mess and almost did it in eight years but had 60 years worth of mess to clean up..now in a month we've lost a decade worth of job growth and 30 million people are unemployed. God bless America.
Rockhead Gary
Rockhead Gary - 4 måneder siden
Tourism to the US will suffer for years. The White House has recklessly mismanaged their outbreak from the beginning. I know lots of people that have either stopped travel to the US or seriously reduced the number of trips. The world is watching.forcing nonessential people back to work during a pandemic. I would feel safer in Europe at this point. It seems that many politicians in Europe have taken responsibility for their outbreaks.
Kevin - 4 måneder siden
If only 1% of predictions were true. We have more experts than we need.
William Perry
William Perry - 4 måneder siden
After the 70 years of relative light after WW2 are we entering another dark time?
Robin Jays
Robin Jays - 4 måneder siden
We are bankrupt in the United States! We are still in recession but it worse than it has been! But just because we are broke broke in further bankruptcy our constitution still stands and will always be..we the people !
John - 4 måneder siden
15 million unemployed, yet politicians will still be making millions on back door deals, selling stocks prior to something about to happen. If the American people don't have jobs, they should NOT get paid either.
FUNNIEST OF ALL - 4 måneder siden
true story,,,,
what the flying fuck ...
what the flying fuck ... - 4 måneder siden
don't worry the trickle down is about to set in, can you feel it coming?
Tom Marsh
Tom Marsh - 4 måneder siden
Wait, so everything is not going to be fine next month like Cheetolini says?
Adam Bernard
Adam Bernard - 4 måneder siden
I don't meant to sound like an optimist, but this downturn was not created by bad market fundamentals, like the great recession (real estate, CDO problems, etc.), but rather by exogenous international factors. I'm sure there will be more unemployment in Q3 and Q4, but likely not as bad as was witnessed during the great recession. I hate fear mongering.
Aphoresis - 4 måneder siden
Are sure all these people just don't want haircuts?
mikespg - 4 måneder siden
This is what they planned in October 2019.
Jeremiah C
Jeremiah C - 4 måneder siden
Yes, THIS!! People be pushing to reopen the economy. But even if businesses are *allowed* to reopen, that doesn't mean people are going to spend money going out like they did before this pandemic hit. Whether businesses are allowed to open or not, the economy is going to be really stagnant for a while, because people in general will *want* to stay home in order to stay safe. That's what Trump and a lot of Repubs don't understand.
taylorjmark - 4 måneder siden
Now 30 million unemployed. There has never been a successful coronavirus vaccine and they have been working on it for 20 years. Good luck with that.
Isaac Annan Jr
Isaac Annan Jr - 4 måneder siden
I feel bad for the college graduates this year but eventually things will work out just gotta hustle and take what you can at the minute nothing is forever this is a temporary setback
Adam Bernard
Adam Bernard - 4 måneder siden
I agree. Lots of fear mongering here isn't going to do anybody any favors, except for NOburn prophets looking for views.
the king
the king - 4 måneder siden
fear, fear. be afraid. its bad. what will we do ? we are all going to die. Oh never mind i was just watching this video but its over now.
the king
the king - 4 måneder siden
What is working class ? it is anyone that has to go to work. Doctors, carpenters, lawyers, nurses, plumbers, ect.
What is trade workers ? it is anyone that has a skill that other people will pay for. Doctors, carpenters, lawyers, nurses, plumbers.
Business degree and liberal arts will have a hard time without government handouts
John Galt
John Galt - 4 måneder siden
I say way more than that.....plus a world war coming.
MikeJHensley - 4 måneder siden
It’s already more than 15 mil, it’s like 30 mil as of May 3rd??
Vinny Cola
Vinny Cola - 4 måneder siden
I was thinkin the same but he didn't acknowledge that tho
Tamar 4272
Tamar 4272 - 4 måneder siden
On top of the pandemic , the 4th industrial revolution is happening with AI & Automation taking jobs
Vinny Cola
Vinny Cola - 4 måneder siden
Yang gang? 🧢✊
Jeremy Davis
Jeremy Davis - 4 måneder siden
Post office is going to shut down this september if we dont get that 11B stimulus. Which means, update your resumes boys and girls. We will be added to the list if you dont prepare
It’s red Yoo
It’s red Yoo - 4 måneder siden
Long story short we are all ducked 🦆
Laurent Drozin
Laurent Drozin - 4 måneder siden
Do not worry, Patriots will defeat the fake pandemy with judicious use of their second amendment right....
_t-d_ - 4 måneder siden
NnnnnNNnnooOOOooOOooo!!1! Go back to work for less! Look how many part time jobs you can all work now! If you want to compete with China, or countries with literal slave labor, you are just going to have to forgo any education. Start your children on their new, unpaid internship (competing for your job) today! America First!
Dee B.
Dee B. - 4 måneder siden
Don't be afraid of unemployment and setbacks...make a plan for yourself and your household. Save cut back spending plant a garden work lower paying jobs. It will get better soon, no point stressing out and getting yourself a mental illness over this. It's just a temporary setback, so long as you have your health you can start again
MCBuilder101 - 4 måneder siden
greg berndt
greg berndt - 4 måneder siden
30 million out plus all the people that can’t collect plus the people that have been out before this.. probably 30%
Javier Ruiz
Javier Ruiz - 4 måneder siden
Mortality rate CCP viruses 0.012 and Recovery will only take 3 months
J F - 4 måneder siden
It’s already 30 million+
Matthew Boyd
Matthew Boyd - 4 måneder siden
I never knew it took so long to recover from a pandemic.
America was late to react, and still is doing the least to fight this while everyone that is fighting it is saying trump had much more power to stop this and chose to not use it.
I guess the Universal Basic Income is the only thing that can save America now.
But knowing Trump, we are doomed if he's reelected.
Matthew Rios
Matthew Rios - 4 måneder siden
We are doomed with either party. Don't fool yourself....
John - 4 måneder siden
Nice job, the man who promised jobs has so far handled this so poorly that he's created more unemployment than Obama ever could have. I remember this idiot saying Covid is a joke, now America is the laughing stock of the world.
Matthew Rios
Matthew Rios - 4 måneder siden
How are we the laughing stock of the world John? When did the president say this was a joke?
A. I.
A. I. - 4 måneder siden
Originator should be made to pay for this world economic collapse, because of hiding information in early stages.
Jerry Kudos
Jerry Kudos - 4 måneder siden
1920 - 100 mln Americans
2020 - 330 mln. You would need 3 times the number of unemployed for it to be equal to great depression.
samoht larpak
samoht larpak - 4 måneder siden
All I got outta this is we were more prepared for a virus 60 years ago then we are now.
Declan O'Cuidighthigh
Declan O'Cuidighthigh - 4 måneder siden
This is what congress wants, especially the democrats. They’ll let us out of lockdown for a couple weeks or maybe even a month, but I guarantee we’ll back in quarantine just before the election because of some made-up second wave of the virus and all because they hate Trump.
keine031 - 4 måneder siden
Why are you using a line with two changing colours (yellow and blue) for the graphs?
Wade H
Wade H - 4 måneder siden
Great news! The Dow will be up 600 points tomorrow.
Tahir Too Saucy
Tahir Too Saucy - 4 måneder siden
Why does he sound like he’s doing this vid just after getting an ass whooping from his mom
sportsMike87 - 4 måneder siden
Hopeful the smart scientists could figure something out in less than a year.