Trump reassures lost jobs will be back 'very soon.' Experts say it could take a decade.
President Trump put on a cheery face on Friday as the country reeled from a historic job report that reflected the devastating impact of the coronavirus pandemic on the American economy. "I created, as president — we had the strongest economy in the history of the world, the strongest economy we've ever had, and we had to close it, which is artificial," Trump said during a wide-ranging interview with Fox & Friends. "Those jobs will all be back, and they'll be back very soon. And next year, we're going to have a phenomenal year."
Unemployment spiked to 14.7 percent in April, the highest since the Great Depression and triple what it was in February, with the numbers even higher for certain demographics. Government data revealed that Hispanic unemployment is 18.9 percent, or nearly one in five, while African American unemployment is 16.7 percent, CBS News reports. "It's fully expected, there's no surprise, everybody knows that," Trump told Fox in reaction to the staggering numbers. "Even the Democrats aren't blaming me for that."
Still, America's unemployment numbers are especially startling compared with Europe; Germany, for example, has seen unemployment rise from 5.1 percent to 5.8 percent over the same time period due to its robust subsidy programs, The Washington Post reports.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Trump's reassurances also run counter to analysis by experts, who say it could potentially take "much of the next decade" for the economy to recover. "We have to be utterly realistic about this because there is political fantasy out there and then there is economic reality," Joseph Brusuelas, chief economist at consulting firm RSM, told Politico. "It is going to be years before we recover all of these lost jobs and as much as 25 percent of them aren't ever coming back."
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
The week's best photos
In Pictures A flooded island, a ballistic missile, and more
By Anahi Valenzuela, The Week US Published
-
Who actually needs life insurance?
The Explainer If you have kids or are worried about passing on debt, the added security may be worth it
By Becca Stanek, The Week US Published
-
Sexual wellness trends to know, from products and therapies to retreats and hotels
The Week Recommends Talking about pleasure and sexual health is becoming less taboo
By Theara Coleman, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published