The United States could be headed into another Great Depression if the “lock-down of our economy” isn’t restarted by May, economist Stephen Moore is warning.
In an interview with radio host John Catsimatidis aired Sunday, Moore, who has advised President Donald Trump in the past, said the U.S. unemployment rate could get as high as 23% as the coronavirus pandemic ravages the nation.
“At some point soon, we’re going to have to make some real decisions about what kind of a calamity we are causing through the lock-down of our economy. I’m not saying we should be inattentive to the public health concern,” he said in portions of the interview posted by The Hill.
“But at some point, we have to worry about what we’re doing to our society, and what kind of economy we’re going to have after this is all over,” he said.
“If we go much past May 1, we are facing a potential Great Depression scenario," Moore added.
In 1933, the unemployment rate was around 25%.
The grim assessment came in the wake of an unprecedented 10 million Americans having filed for unemployment, with the estimated rate at 10% for those out of work — the same number at the peak of of unemployment during the recession in October 2009.
The White House has extended its social distancing guidelines until the end of April to stem the spread of COVID-19.
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