Former Treasury Secretary on the State of the US Economy

YOU CAN'T BE WORKING UNLESS EITHER YOUR JOB INVOLVES OR CAN BE DONE AT HOME, LIKE I'M FORTUNATE ENOUGH TO BE ABLE TO DO, SPEAKING WITH YOU.

OR YOUR JOB IS ABSOLUTELY NECESSARY, SOMEONE WHO DRAWS BLOOD, A DELIVERY MAN FOR A GROCERY STORE.

BEING A POLICEMAN OR A FIREMAN.

BUT EVERYBODY ELSE, PEOPLE WHO WORK IN STORES, PEOPLE WHO TEACH ELEMENTARY SCHOOL, PEOPLE WHO WORK IN DENTAL OFFICES, PEOPLE WHO DO ROUTINE WORK IN FACTORIES, THEY'RE NOT ABLE TO DO THEIR JOBS.

EITHER THEIR EMPLOYERS WILL HAVE TO KEEP FLOATING THEY WILL OR THEY'LL BE COUNTED AS UNDER EMPLOYED.

IN THE UNITED STATES, THAT'S PROBABLY SEVERAL TENS OF MILLIONS OF PEOPLE.

SO I DON'T THINK WE'RE HALFWAY THROUGH THE INCREASE IN UNEMPLOYMENT.

DID YOU SAY SEVERAL TENS OF MILLIONS?

I DID.

THAT ARE NOT ABLE, JUST THINK ABOUT THE NUMBER OF JOBS THAT CAN'T BE DONE AT HOME AND AREN'T ESSENTIAL IN TIME OF CORONA AND THOSE PEOPLE WILL NEED TO GET A CHECK SOMEWHERE.

IT WILL BE BECAUSE THEIR EMPLOYER KEEPS THEM GOING WHICH MANY WON'T BE ABLE TO DO, OR FROM UNEMPLOYMENT INSURANCE.

SO MY GUESS IS THAT WE'RE CERTAINLY LESS THAN HALFWAY THROUGH THE INCREASE OF UNEMPLOYMENT INSURANCE CLAIMS.

THAT'S A STAGGERING STATEMENT.

YOU WERE TREASURY SECRETARY, PRESIDENT OBAMA AETS ADVISER ON THE ECONOMIC COUNCIL.

HAS THE UNITED STATES EVER SEEN ANYTHING QUITE LIKE THIS?

I DON'T KNOW WHETHER YOU GO BACK TO THE GREAT CRASH IN THE LATE '20s.

HAS THE U.S. EVER SEEN ANYTHING LIKE THIS?

IS THIS AN ELASTIC JOBLESS MOMENT?

CAN IT SNAP BACK IF THE ECONOMY, WHEN THE ECONOMY GOES BACK INTO MOTION?

I THINK THIS WILL BE A LARGER CHALLENGE, BUT I THINK IT IS AT SOME OPPONENT GOING TO SNAP BACK RELATIVELY QUICKLY.