White House senior adviser Kevin Hassett said Sunday the economic outlook is a "really grave situation."
In an interview on ABC News’ “This Week,” Hassett said a lot of factors will play into whether the nation’s economy will be able to make a so-called V-shaped recovery once the coronavirus lockdown is lifted.
“A lot of it is going to depends on what we do next,” he said, adding: “We have to make sure that we have what it takes to prosper [to give the nation] the best chance possible for a V-shaped” recovery.
“Make no mistake it’s a really grave situation,” Hassett declared.
“We're going to be looking at an unemployment rate that approaches rates that I think we saw during the Great Depression,” he said. “During the Great Recession… we lost 8.7 million jobs in the whole thing… We’re losing that every 10 days.”
Hassett also warned of the “climbing” national debt.
“While we’re providing short run stimulus” to states amid the coronavirus pandemic, the U.S. needs to “look at long run changes” to address the rising debt, he said.
But Hassett said he was heartened by the response of people around the country, proving they “care more about their country than the sort of nastiness in Washington that covered on the news every day.”
He also dismissed the suggestion by Senate Majority Leader Mitch McConnell, R-Ky., said that states that are economically distressed because of the battle against the virus should file for bankruptcy.
“The state going bankrupt is something that’s not really been anticipated by the Founders,” he said.
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