While President Donald Trump says the economy will take off like a rocket when social-distancing guidelines end, the Congressional Budget Office estimates an unemployment rate of 9% at the end of 2021. In fact, economists think the US might already be at 15% unemployment. With parts of the economy like restaurants, sporting events, movie theaters, and concerts unlikely to be able to go back to 100% capacity for months or longer, it may be hard to bring the unemployment level back down to full employment rapidly.
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Why Congress’ Own Economists Predict 15 Million Unemployed In 2021