Treasury Secretary Warns 20% Unemployment Rate Possible Without Coronavirus Stimulus Package

U.S. Treasury Secretary Steven Mnuchin spoke to Republican senators about the $1 trillion coronavirus stimulus package being hammered out between the White House and congressional Democrats on Tuesday, warning them that the U.S. unemployment rate could reach as high as 20% if the bill is not passed. While Mnuchin said he is confident that a stimulus plan will be approved by the Senate, he emphasized just how important it is to pass a robust relief package for workers and businesses.

In an interview with CNBC, he clarified that his 20% figure was a hypothetical calculation made to illustrate a point: Around 40% of all Americans work for companies with fewer than 500 employees, and if around half of them get laid off, then the unemployment rate would top 20%.

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Source Fool.com