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Will Unemployment In The U.S. Continue To Spread? | Morning Joe | MSNBC - YouTube
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we just got guys the number that we've
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been waiting for all morning just
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moments ago the Labor Department put out
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its statistics a jaw-dropping three
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million two hundred and eighty three
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thousand jobless claims were filed last
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week three million two hundred and
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eighty three thousand jobless claims
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that number Dwarfs any other week on
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record joining us now former Treasury
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official and Morning Joe economic
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analyst Steve Ratner Steve this falls
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somewhere within expectations here three
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point two eight three million put that
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into some kind of a context if you can
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well first up Willie it is actually I
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think in fairness all the economic
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forecasters nobody really had any idea
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what was gonna happen today except that
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it was going to be bad but this is
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roughly twice I think what the consensus
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estimates were it's also vastly higher
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than anything we've ever seen before the
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highest I think we've seen in history
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was 695 thousand thousand nineteen
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eighty two the highest we saw it very in
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Great Recession was six hundred and
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sixty five thousand and this may well
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only be the beginning this is the first
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week we've had data from people most
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recently getting out of work but those
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numbers are obviously going to climb and
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we are headed for a very very
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significant unemployment I think that
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this you'll see forecast revised after
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these numbers get processed I will be
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shocked if every mainstream forecaster
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is now not expecting unemployment well
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into the double digits a week or so ago
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James Bullard the president of the st.
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Louis Federal Reserve Bank said that he
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thought unemployment to get as high as
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30 percent that was for the higher than
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the Great Depression
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obviously these are these little
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circumstances but we are we are clearly
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in a major recession with major impacts
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on working men and women in this country
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or not going to have their jobs also
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with us we have former acting secretary
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of labor under President Obama Seth
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Harris Seth thank you so much for being
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with us we've heard Steve minuchin talk
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about the possibility of 20%
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unemployment when you add up all of the
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small employers who haven't
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to let members of their workforce go but
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who were going to have to be making a
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very tough decision over the next week
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or two do you fear that those numbers
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may actually go up over the next few
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weeks I do Joe I think we're going to
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see continued very high rates of
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unemployment filings which is the number
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that that really just gave us and I
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think we're going to see unemployment
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spread this bump in unemployment claims
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which was three million more than the
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preceding week alone will drive the
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unemployment rate up about two percent
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now we won't see that in the data for a
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while but we're going to continue to see
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the unemployment rate climb over the
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next few weeks as more and more small
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and mid-sized businesses who don't want
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to go further into debt who frankly like
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a lot of families just operate paycheck
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to paycheck run out of money and really
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don't feel they can go on so we're going
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to see a lot more people lose their jobs
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my hope is that the stimulus package
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will give them some capital to bridge
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the time until they're able to get
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operating again but I think we're gonna
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see a lot more pain and a lot more
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American families over the coming weeks
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hey Steve it's Jonathan we haven't
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gotten a response yet from the White
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House of course on this number one
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wonder is though if the president will
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point to it as another reason to forge
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forward with the plan to try to reopen
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parts nation's economy in just the next
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couple of weeks but my question to you
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is this I mean the ink is barely dry on
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the stimulus package passed by the
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Senate the house hasn't even voted on it
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yet is this going to be a drop in the
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bucket how much more is the Congress
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gonna need to try to shore up the
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economy in the light of numbers like
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these jobs that nobody knows everybody
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has agreed this is so-called phase three
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the third bill that Congress is passing
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it's almost certainly not going to be
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the last it is a vast bill in addition
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to the two trillion dollars that's in
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this bill it empowers the Fed that's
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being another four trillion there by
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buying certain kinds of debt we are an
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obviously very unstarted in waters and
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so who knows I would make destroying up
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on Alaska's comment
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I wouldn't know and this isn't I'm not
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going to see
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this is a fantasy or a game-changer not
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in addition to the checks for every
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American that Casey hunt was talking
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about this bill does include an extra
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$600 a week or unemployed roll out even
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for giving workers on top of normal
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unemployment benefits for four months
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that's it that is something we've never
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done before in terms of the magnitude of
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that I'm not gonna again suggest that's
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going to solve the problems of this
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economy or every American but it's
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something but yes the president is
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focused on the fact that there is an
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inherent tension between the public
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health crisis which most of us would
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view as the Paramount issue and the fact
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that the longer people stay home they're
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not working the tougher that is going to
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be for the kinds of numbers we're going
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to get we're almost certainly going to
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get a second quarter GDP number that's
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going to show a decline of 24% even 30%
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getting numbers we've never seen before
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put that in context we mean one-quarter
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this economy could find as much or more
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than it did very the entire Great
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Recession now people say some of me
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about really quickly look if we do
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eventually get back to work that may or
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may not be true that's another
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discussion but for the moment we're
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really heading into depths that we have
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not seen before probably in our lifetime
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Seth Harris to then extend that
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conversation when you talk to scientists
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and you talk to public health experts
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you really get a sense that this is
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going to be months possibly even several
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years to contain to the point where
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there's a vaccine but there's gonna be
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second and third waves of this at the
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very least that's just talking to the
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scientists we've heard a lot about the
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president not you know utilizing the
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defense production act is there a lever
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that he could be pulling right now to
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repurpose American workers that he's not
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pulling well I think the defense
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production act is exactly the right
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place to start we hear these horror
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stories about frontline workers health
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care workers cops firefighters the kind
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of folks that you and Joe have been
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talking about who don't have the
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personal protective equipment that they
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need in order to avoid getting sick and
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we're very serious trouble is a society
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of the people who are caring for
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get sick themselves so the president for
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some reason that I can't understand is
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unwilling to step up and say to American
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industry you need to be on a wartime
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footing I've declared myself a wartime
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president the whole society needs to be
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organized now around protecting
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ourselves and this defense production
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Act allows the president not merely to
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command that private sector entities
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produce what we need but it allows him
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to prioritize who gets it when and it
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allows him to structure supply chains
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and financing so that those businesses
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that are brought into this wartime
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effort have the resources they need to
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do what they need to do and we send
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those resources to the right places it's
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I can't figure out if it's an act of
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cowardice or incompetence that's causing
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him to avoid using the single most
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important tool to protect the people we
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need to protect the most that's the
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question a lot of people are asking Seth
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Harris and Steve Rattner thank you both
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very much for being on what's now thanks
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for checking out MSNBC on YouTube and
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make sure you subscribe to stay
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