The former chief economist of the U.S. International Trade Commission told Newsmax TV on Thursday he expects unemployment to hit a dizzying 10%-15% because of the global coronavirus pandemic.
In an interview on "Greg Kelly Reports," Peter Morici conceded Wall Street had a "a little bit of a bounce" on Thursday after news of possible treatments for the fast-spreading illness that has now hit the United States.
"But the general trend will continue down," he said of recent steep dives in the markets. "We looking at something pretty serious here — probably 10-15% unemployment."
According to Morici, the virus apparently could be mitigated in a month, considering there is a 15-day incubation time and an approximate 15-day course once sickened.
But the measure would be drastic.
"You have to lock down the entire country and seal the border to knock this thing out," he said. "Without a vaccine, this will crop up again in the fall . . . we don't know how long people will be locked down."
Christopher Cox, grandson of the late President Richard Nixon, was far more optimistic.
"Today was a more positive day," he told Newsmax TV. "Today we heard about a tangible treatment for the coronavirus . . . that's what we need to turn this around.
"We're starting to hit a turning point," he added.
Kelly pointed out the Centers for Disease Control on Thursday advised, currently in the United States, there are 10,422 coronavirus cases, and a death toll from the disease hitting 150. Totals from later Thursday night were 13,920 cases and 214 U.S. deaths.
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