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Trump advisers downplay dire economic predictions — and now think economy will ‘roar’ back to life soon

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President Donald Trump’s team of economic advisers no longer fear that Americans will have to endure a slow, painful economic recovery — and are instead predicting a fast bounce back despite unemployment hitting a staggering 15 percent last month.

The Washington Post reports that Trump and his advisers have been “encouraged by the relative strength of the stock market and some indicators like credit card receipts,” and now think that “the U.S. economy will roar back to life in the second half of this year” even though a record-shattering 36 million Americans have filed jobless claims in just the past two months.

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“This is playing out pretty much as had been hoped,” adviser Stephen Moore said.

“You’d expect to see a V-shaped recovery,” said White House economist Kevin Hassett. “I’ve been really positively impressed by how quickly things are turning.”

“Unemployment claims look terrible, but they look a lot less terrible,” said adviser Larry Kudlow. “Things are starting to turn — that’s my take.”

However, the Post notes that Federal Reserve chairman Jerome Powell, along with many other economic forecasters, believe that this scenario is entirely too optimistic.

“What matters to people is not GDP rates, seasonally adjusted at an annual growth rate,” said Michael Feroli, chief US economist at JPMorgan. “It is the labor market and unemployment and jobs. And it’s very likely that, by the end of the year, the unemployment rate could still be north of 10 percent.”

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And given that Americans tend to hoard cash during times of high unemployment, this could put a severe drag on consumer spending that would prevent a full recovery for the foreseeable future.


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Unemployment may not return to pre-COVID levels for a decade: Congressional Budget Office

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On Thursday, Politico reported that it could take a decade for unemployment levels to return to where they were before the coronavirus pandemic, according to the Congressional Budget Office.

"The economic outlook for the next 10 years has 'deteriorated significantly' since the independent budget agency issued its last complete set of projections in January, CBO noted," reported Caitlan Emma. "That illustrates the devastating effects of the pandemic and underscores the reality of a slower economic recovery than the 'rocket ship' rebound predicted by President Donald Trump."

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Fired SDNY prosecutor to testify before House Judiciary Committee — behind closed doors: report

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The former U.S. Attorney for the Southern District of New York will testify before the House Judiciary Committee on Thursday, according to multiple reports.

Geoffrey Berman will testify after the bizarre sequence of events that preceded his ouster from the office. AG Bill Barr announced that Berman was resigning, with the SDNY denied. He was then fired by President Donald Trump.

NEW: Fired US Attorney for SDNY Geoffrey Berman will appear next week before House Judiciary behind closed doors next Thursday, according to a congressional aide

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Several large Christian church congregations in Tennessee reclose their doors after coronavirus outbreaks

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Outbreaks of coronavirus are forcing several large Church of God congregations in Cleveland, Tennessee, to close their doors again, WRCBtv reports.

"In a series of posts in the past week on the Westmore Church of God Facebook page, lead pastor of the church Kelvin Page reported one, then five and then at least 12 cases of COVID-19 in his congregation," the report states. "In the days since, people connected to the church said the outbreak is two or three times that number."

Read the full report over at WRCBtv.

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