Kevin Hassett: ‘Some People Have Mischaracterized What I’ve Said’

Kevin Hassett comments on the economy and the future in COVID-19.

WH economic adviser Kevin Hassett
“I’m just saying we’ve got the biggest shock since the Great Depression”, Hassett says about his supposed “doom and gloom” statements.

GDP Will Have Negative Growth

For the first time in U.S. history, GDP will have negative growth. That is the biggest shock in U.S. history since the Great Depression and the improvement may come slower than the Institute for Health Metrics and Evaluation’s first predictions. The number of deaths per day is not decreasing as predicted.

 “There are going to be a bunch of bad numbers for the second quarter”, Hassett said adding that right now is the “biggest negative shocks we’ve ever seen . . . it’s something we need to take seriously”.

The White House and the Congressional Budget Office are optimistic about the second quarter, but Hassett has concerns about the now. In context, the negative GDP growth is the result of a voluntary shut down, not an economic crash. Therefore, it will not take a World War to get us over the bridge to the other side, unlike the Great Depression. At a snapshot, the GDP looks bad, but, while the annual number will still not look great, it will be better than what is going on right now.

 “I speak with him every day and I don’t think there is a whole lot we disagree about right now”, Hassett said about reported contradictions between his and Peter Navarro’s statements on the U.S. economy.

Both men advise and serve the Trump administration.

60% Of Unemployed Receive Benefits That Cover Full Salary

 “About 60% of American workers have their salary at least fully replaced”, Hassett said. “You want to make sure that people have their normal income or maybe even about a little bit more because they might have extra expenses”.

In New York state, which has the highest number of COVID-19 cases and deaths in the county, under the current plan residents get average unemployment benefits of around $304 weekly, and now a $1,200 stimulus check which the government must provide to all citizens within six to eight weeks. For a minimum wage worker, these benefits will keep them at full salary for six weeks. After that, unemployment benefits in New York state only covers 60% of their income.

Pelosi and McConnell are working on getting another bill passed 

Hassett says that Pelosi and McConnell are working on getting another bill passed and that it is very unlikely another bill will not pass through Congress and the Senate. A least one more round of legislation is likely.

 “That’s something that we’re studying very carefully”, he said, “I expect it is very likely there will be a phase four deal”.

The phase four deal distributed the individual $1,200 dollars of aid for unemployed. It also supplied aid for farms and small businesses to stay afloat during the crisis. There are various criticisms of the deal, however, with many saying it does not go far enough to protect workers. 

“We’re going to be speaking with President Trump . . . about what he thinks should be in there”, Hassett said.

 

 


 

Donate

Comments

Find us at

Twitter Facebook Instagram RSS Flipboard

Share This Article!

Like this article?

Tags

Kevin Hassett COVID-19 Peter Navarro economy

Related stories

WH Communications Director Alyssa Farah Declines To Specify When President Trump Last Tested Negative For Coronavirus

WH Communications Director Alyssa Farah Declines To Specify When President Trump Last Tested Negative For Coronavirus

White House Director of Strategic Communications Alyssa Farah stopped for a short interview after finishing a TV appearance just before 3 p.m. She declined to specify when the president last tested negative for coronavirus, mentioned…

Read more trending_flat
White House Press Secretary Kayleigh McEnany Tests Positive For Coronavirus

White House Press Secretary Kayleigh McEnany Tests Positive For Coronavirus

Kayleigh McEnany posted a public statement on Twitter confirming she has tested positive for COVID-19. She said she is experiencing no symptoms. The Press Secretary who is supposed to be the best-informed person at the White House…

Read more trending_flat
Trump says he is leaving Walter Reed

Trump says he is leaving Walter Reed

A few minutes ago, President Trump made the following statement: "I will be leaving the great Walter Reed Medical Center today at 6:30 P.M. Feeling really good! Don’t be afraid of Covid. Don’t let it dominate your…

Read more trending_flat
DAY 3: The Latest Updates From Walter Reed Where President Trump Is Treated For COVID19

DAY 3: The Latest Updates From Walter Reed Where President Trump Is Treated For COVID19

POOL REPORT #1 10:01 AM EDT Good morning from the White House.  Pool was tested for COVID-19 this morning and is loading into the motorcade now for a trip to Walter Reed.  *** WHAT WE KNOW SO FAR: the…

Read more trending_flat
Alyssa Farah: Dr. Conley was trying to "project confidence" and lift the president's spirits 

Alyssa Farah: Dr. Conley was trying to "project confidence" and lift the president's spirits 

HIGHLIGHTS:  ► Alyssa Farah said she cannot confirm reports that two White House residence staff members have tested positive for the virus. ► Alyssa Farah said she will find and share the most up-to-date…

Read more trending_flat

Latest article

Top