SHARPLY ALL ACROSS THE COUNTRY. KRISTEN AND PETER.
>> GEOFF BENNETT, THANK YOU VERY
MUCH.
MUCH. >>> LET’S BRING IN ALI VELSHI
NOW, THE HOST OF MSNBC’S VELSHI
WHICH AIRS WEEKEND MORNINGS ON
MSNBC AND HE’S HOSTING A
SUSPICION VIRTUAL TOWN HALL ON
THE COVID -- SPECIAL VIRTUAL
TOWN HALL ON THE COVID ECONOMY.
WE’RE SO GLAD YOU COULD JOIN US.
LET’S TALK ABOUT THE BIG
PICTURE.
PICTURE. THESE JOB LOSSES STAGGERING.
IT’S ILLUSTRATED IN TODAY’S NEW
YORK TIMES WHICH LITERALLY SHOWS
THE UNEMPLOYMENT DROPPING OFF
THE PAGE.
THE PAGE. HIGHER THAN 14%.
>> YEP.
>> YEP. >> I THINK A LOT OF PEOPLE WANT
TO KNOW, AS BAD AS THIS IS, DO
WE NEED TO BRACE FOR WORSE.
>> KEVIN HASSETT AT THE WHITE
HOUSE SAYING IT’S GOING TO GET
WORSE.
WORSE. I’VE HEARD A FEW ECONOMISTS
SAYING THIS IS AS BAD AS IT
GETS.
GETS. THAT DOESN’T MAKE SENSE BECAUSE
THE WAY THE NUMBERS ARE ARRIVED
AT MEANS THERE’S A CALCULATION
THAT’S DONE IN THE MIDDLE OF
APRIL, SORT OF STOPS AROUND THE
MIDDLE OF APRIL.
ANY JOBS THAT WERE SHED FROM
APRIL 15th TO MAY 1st WERE NOT
MEASURED HERE.
MEASURED HERE. WE’RE TALKING ABOUT 20.5 MILLION
JOBS LOST IN APRIL, PLUS
770,000 -- ACTUALLY MORE LIKE
840, LOST IN THE MONTH BEFORE.
WE KNOW THAT THERE ARE MORE JOBS
IN THIS LOSS.
THE UNEMPLOYMENT RATE ITSELF IS
14.7%.
14.7%. AGAIN, WE’VE GOT THE END OF
APRIL AND WE’VE GOT ALL THOSE
PEOPLE WHO ARE NOT ACTIVELY
LOOKING FOR JOBS WHO DON’T GET
COUNTED IN THERE.
THE ESTIMATE OF WHAT THAT REAL
NUMBER IS ALREADY IS OVER 20%.
WE’RE PROBABLY GOING TO SEE
WORSE NEXT MONTH.
>> ALI, A LOT OF THE PEOPLE NOT
COUNTED ARE THE FURLOUGHED
WORKERS WHO THINK THEY HAVE A
JOB TO RETURN TO AT SOME POINT.
SHOULD WE EXPECT THOSE JOBS TO
RETURN ANY TIME SOON?
>> TO SOME DEGREE.
THINK ABOUT THE AIRLINES, RIGHT?
THEY FURLOUGHED A LOT OF WORKERS
WHO THEY KEEP ON PAY UNTIL THE
END OF SEPTEMBER.
NOW THE AIRLINES SAY, WE’RE ONLY
GOING TO FILL THE PLANES ABOUT
50%.
50%. THAT’S NOT PROFITABLE FOR
AIRLINES.
AIRLINES. RESTAURANTS THAT REOPEN, HAVE TO
HAVE SOCIAL DISTANCING, THAT’S
NOT PROFITABLE FOR RESTAURANTS.
A LOT OF THE COMPANIES AFTER THE
PAYCHECK PROTECTION PROGRAM, THE
PAYROLL HELP ENDS SEPTEMBER
30th.
30th. IF BUSINESSES AREN’T BACK, THEY
WON’T BE ABLE TO REOPEN OR CLOSE
AFTER A FEW MONTHS.
THAT’S THE PROBLEM.
THIS IS AS MUCH A HEALTH ISSUE
AS A PSYCHOLOGY ISSUE.
WE DON’T KNOW HOW PEOPLE WILL
REENGAGE WITH THE ECONOMY OVER
THE NEXT FEW MONTHS BEFORE
THERE’S A POSITIVE TREATMENT FOR
CORONAVIRUS OR A VACCINE.
>> ALI, PLETLET ME FOLLOW-UP WIT
YOU.
YOU. HE SAID A RECOVERY IS JUST
AROUND THE CORNER.
YET, YOU HAVE A NUMBER OF POLLS
WHICH SHOW AMERICANS ARE MORE
CONCERNED ABOUT GETTING SICK
THAN THEY ARE ABOUT RETURNING TO
WORK.
WORK. SO IS THE RECOVERY JUST AROUND
THE CORNER?
THE CORNER? >> NOT A CHANCE.
THE FACT IS, AS I SAY, THIS IS
PSYCHOLOGY, GOVERNORS AND MANY
CAN OPEN THEIR STATES, BUT THERE
ARE A LOT OF PEOPLE SAY, WHILE
THESE TRANSMISSION RATES ARE
HIGH, WHILE WE DON’T KNOW
WHETHER PEOPLE HAVE HAD IT HAVE
ROBUST ANTIBODIES, WHILE WE --
THEY’RE NOT GOING TO MOVIE
THEATERS OR SHOPPING MALLS ORCA
SIN OWES.
SIN OWES. MANY ARE NOT TAKING PUBLIC
TRANSIT.
TRANSIT. UNTIL WE’RE CERTAIN ABOUT THE
HEALTH IMPLICATIONS OF THIS, THE
PSYCHE OF THE AMERICAN CONSUMER
IS UNDER SIEGE AND WE ARE NOT
GOING TO SEE A RECOVERY.
I TELL YOU THIS, WE WILL
RECOVER.
RECOVER. THE AMERICAN SPIRIT IS AMAZING.
WE JUST DON’T KNOW IF THIS IS A
YEAR AWAY OR TWO YEARS AWAY OR
LONGER.
LONGER. AROUND THE CORNER, 2020 RECOVERY
IS NOT A POSSIBILITY.
>> WELL, WE HOPE THAT RECOVERY
IS SOONER RATHER THAN LATER.
ALI VELSHI, THANK YOU SO MUCH
FOR YOUR INSIGHTS.
YOU CAN WATCH HIS VIRTUAL TOWN
HALL ON THE ECONOMY AND COVID-19
WITH SPECIAL GUEST KEVIN