Cohn, a Goldman Sachs executive and former National Economic Council director in the Trump administration, says the US economy is already in a recession as a result of the coronavirus outbreak, and that unemployment numbers are set to soar. He also says fixing the recession will cost trillions of dollars and that the government bailout packages should focus on those workers who are being told to stay home and not to work as a result of the coronavirus:
“We’re in recession, I’m not going to tell you that we’re not in recession right now. You cannot remove the consumer from the U.S. economy … and say that we’re not in recession,” Cohn said on “Closing Bell. “The unemployment number is going to skyrocket.”
Wall Street forecasts see the unemployment rate likely soaring past 10% in short order even though it most recently was at a 50-year low of 3.5%. Job loss estimates are well into in the millions, likely the fastest move the U.S. has ever seen…
