US Economic Chiefs Paint Bleak Coronavirus Devastation

Posted on May 19, 2020 7:28 am

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U.S. Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin painted a bleak picture Tuesday of the economic devastation the coronavirus pandemic has wrought on the country, but they held out hope that a raft of loans and assistance to families and businesses would provide relief in the coming months.

“The job numbers will get worse before they get better,” Mnuchin told the Senate Banking Committee in remote testimony from the Treasury Department. Already, 36.5 million laid-off workers have filed for unemployment compensation, numbers not seen since the Great Depression in the 1930s.

Lawmakers pressed the two key economic officials about