Trump Economic Adviser Predicts Second Quarter GDP Decline Will Be the Worst Since the Great Depression

President Donald Trump’s economic adviser Kevin Hassett is predicting that the Gross Domestic Product (GDP) for the second quarter will be the worst drop the U.S. has seen in a long time. 

“Right now, if you take what happened at the end of the first quarter … then you’re looking like it’s pretty likely you get a negative number,” Hassett said during an interview on CNBC on Monday.

He continued, “And then for second-quarter GDP, it’s going to be the biggest negative number that we’ve seen since the Great Depression.”

Hassett estimated that the GDP for the second quarter would be around “minus 20 to minus 30 percent.”

Watch the interview below:

GDP is a measure of the value of goods and services produced in the country and an indicator of how healthy a country’s economy is. During the Great Recession between December 2007 to June 2009, which was the worst economic downturn since the Great Depression, GDP dropped 4.3%.

Meanwhile, the unemployment rate during the recession rose to 10%.

Hassett predicts that the unemployment rate in the first week of May will be between 16% and 17%.

“The question is, what happens next and that’s what we’re focused on at the White House,” he said.

Hassett’s comments come as some states are preparing to reopen their economies. However, members of the White House coronavirus task force have warned that the process of lifting restrictions on businesses and public life will have to be done carefully. 

Former Food and Drug Administration Commissioner Scott Gottlieb predicts that parts of the country may be able to start reopening in mid-May or late-May, as IJR previously reported

However, Dr. Deborah Birx predicts that social distancing guidelines will likely stay in place through the summer. 

Responses

  1. I think we’ll wind up with a Depression that rivals the Great Depression. And I’m hoping it will arouse enough unhappy people to get rid of the huckster who always seems to get off the hook for his ignorance and vanity because of support from idiotic zombies.

  2. Were going into a depression and this guy think it’s a joke. As for the checks why did it come out no one got a check but IRS said they are all out. But can’t reach anyone to find out. Are they still taking Obama orders. President Trump needs to get this USA hater picked up by ICE and sent to China were he loves them so much. Bet they have a bunk in a camp for him. Or an apartment with the doors nailed shut.

    1. But capitalist systems break down into a recession on average every 4-7 years. We’ve had 10 years of growth (for the top 1%) so a deep recession was due anyway. Read the works of economists Richard Woolf and Thomas Picketty.

      1. The same old tired Liberal BS about growth for the Top 1%. You’re lying again. Perhaps you didn’t read the unemployment numbers (especially for minorities) and income increases for workers prior to the epidemic. You can have your own fantasy opinions, but not your own facts. Once people get back to work, the ecomony will recover.

    1. Might be the stupidest question EVER asked. Who do you think are being “forcibly incarcerated” dumbass? MAYBE EVERY asshole who infringed on somebody else’s rights and got caught because they were as stupid as you. Just maybe.

  3. Once people are released from being forcibly incarcerated and go back to work, the economy should begin booming again – – – as long as Trump is the captain of this ship. IF however, Trump is relieved of command in January 2021 and replaced by a member of the Dementia (Obstructionist) Party, we would then remember the Great Depression of the 1930’s as just another sunny day at the beach.

    1. Confused James The Projectionist is confused by history.

      “the economy should begin booming again” Confused James The Projectionist

      That is not how it worked after previous pandemics. Economies don’t “boom” when millions of workers will take many months before they get called back to work, IF they get called back at all. Recovery will be slow and painful.

      On the OTHER hand, Jeff Bezos’ personal fortune has risen by $25 billion – during a pandemic. Amazon and Taco Bell may be some of the few businesses left after this is all over.

      Your dreams confuse you.

      1. And of course Scott the doomsayer predicts the sky will fall. Your world should certainly collapse.

      2. Genital contusion still using that SAME cracked crystal ball that has him ZERO for EVERY prediction he has made here. ONLY the GALACTICALLY STUPID doesn’t learn from past mistakes and contusion fits that bill perfectly.

          1. WEAKASSED response from a WEAKASSED person. Please tell us just ONE PREDICTION or your that came true?

        1. EXACTLY. NO ANSWER because NONE of your predictions have come true, no matter what lame assed response you have.

    2. If you want a rerun of the Spanish Flu of 1918, where millions of Americans died AFTER citizens flooded the streets to celebrate the end of WWI and soldiers returned from Europe, then by all means, let’s all go back to work as if each of our survival means zip.

      1. Michael, you should really jump back into the box with the rest of the rocks. You can’t compare conditions from a hundred years ago to today. You epitomize the derangement of Liberals/Democrats.

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