Rattner: Donald Trump Will Probably Be Facing Double Digit Unemployment on Election Day

EXCERPT:

RATTNER: “These are Goldman Sachs’ projections, but if you look at most other mainstream economists, you’ll see something very much like this. So in the second quarter of this year, which just started yesterday, the day before., we go to 13.2%. And then in the third quarter over the summer, they’re projecting we’ll hit 14.7%. And just for reference, you can see the dotted red line across the middle. That’s our 2009 peak at 10%. So we’re talking about an unemployment rate 50% higher than where we got to during the great financial crisis. And many people say to themselves, well, this is going to be a V-shape recovery. We’ll bounce back as fast as we bounced down because people will go back to work. But if you look at what these projections show, that’s not what we’re looking at. We’re looking at a long, slow recovery in jobs, unemployment rate going down to 9.5% at the end of this year. And then you can see quarter by quarter, at the end of next year, 6.3%, still very high in 2020. 5.2%. We don’t get back to anything like where we are today until 2023, which is a very long time from now. And then just one little political footnote. Donald Trump will probably be facing double digit unemployment on Election Day this fall and we can all debate the consequences of that.”