US Unemployment Numbers are High, They Were Not Caused by the Economy’s Underlying Fundamentals

Friday, Labor Secretary Eugene Scalia said he is “optimistic” that the United States can recover from the current economic situation faster than in the past fundamental downturns.

Unemployment numbers are very high, much higher than we’ve seen in years past, but it is from a different cause,” Secretary Scalia said in a TV interview.

It was caused by a health crisis, not by problems in the underlying fundamentals. Our economy was exceptionally strong, even 6 weeks ago, and a lot of the fundamentals that we had then are in place. It is a matter of getting past this virus and reopening.”

Secretary Scalia also said he is pleased that the Paycheck Protection Program has been given more funding in a bill President Trump signed Friday. 

He said The Trump Administration believes the enhanced unemployment benefit made available to millions of people was also important, but states will need careful administration of the money and make sure the money goes to people who do not have the opportunity to work. 

Unemployment is not available for people who have been called back to their job, for example, so we will keep an eye on that, as well,” said Secretary Scalia. 

Meanwhile, the additional infusion of cash into the small business loans is “so important” to their staying afloat, he said.

The fact that so many businesses eager to get into this program is promising. It means that many more employees will have a chance to stay on the payroll and a chance to get back to work as we reopen the economy,” he said.

Have a healthy weekend, Keep the Faith!

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