Fox News host Chris Wallace called Treasury Secretary Steven Mnuchin out for his “rosy” predictions about the U.S. economy and jobless rate, which reached 14.7 percent this week and appear to be headed for even worse numbers in the months ahead.
Mnuchin was a guest on “Fox News Sunday,” and Wallace reminded him of the dismal state of the American economy:
“I think it’s important that we face what the real numbers are. The Bureau of Labor Statistics says the real number, which includes people who are not looking for work, is 22.8%. That does not include the 7 million people who have lost their jobs since then.
“Aren’t we talking close to 25% at this point, which is Great Depression neighborhood?”
The Treasury chief replied:
“We could be. Unlike the Great Depression where you had economic issues that led to this, we closed down the economy. It wouldn’t be a surprise if you close down the economy, half of the workforce didn’t work.
“We’re very focused on rebuilding this economy. That’s why we’re focused on rebuilding this economy. We’ll have a better third quarter, we’ll have a better fourth quarter and next year is going to be a great year.”
That led Wallace to push back:
“You and the president both say that the economy is going to come roaring back. I’ve got to ask you about a number of signs that indicate that the recovery is going to be much slower than that, sir.
“Are your rosy predictions based on economic reality or the November election?”
Instead of using facts, Mnuchin began spinning:
“My numbers aren’t rosy. I’ve said you are going to have a very, very bad second quarter and then I think you are going to see a bounce back.”
But what is that prediction of a “bounce back” based on? What information leads Mnuchin and Trump to be so optimistic? If they have facts or data that could provide all of us hope of a light at the end of the tunnel, why don’t they just share it with us?
Instead, Mnuchin said his comments were based on the presumption that vaccines and treatments for COVID-19 will soon be available. Does he have any proof of that? If so, he certainly didn’t bother to give any specifics.
It appears that the administration is living in their own little fantasy world. Meanwhile, 80,000 people are dead and we’re no closer to an economic recovery than we were a month ago.
Featured Image Via Screenshot