Mnuchin says increased unemployment claims are “not relevant” since aid is on the way

Mnuchin says increased unemployment claims are "not relevant" since aid is on the way

Treasury Secretary Steve Manuchin said Thursday morning that the largest number of new unemployment claims, the largest single-week increase on record, was “not relevant.” Munuchin, which had a net worth $ 400 million in 2019, According to Forbes, a CNBC interview explained that Americans would have financial support soon, and he hoped that many businesses would rehabilitate these workers if the outbreak of coronavirus dropped.

The Labor Department announced Thursday morning that Number of new unemployment claims The data filed by people trying to gain unemployment benefits has risen from 20.6 in the last week to about 1.5 million. This is the highest single-week spike on record, and much higher than the previous record of 5.5 claims filed in a week on October 12, Wednesday the Senate passed a huge coronavirus relief bill that would increase unemployment insurance and provide a check for every tax – American filing for $ Has earned less than 100,000. The House is expected to approve the package on Friday. This move will provide loans to small businesses that basically become grants, since they can be forgiven under certain conditions.

“You know, these numbers aren’t relevant right now to tell you the truth,” Minuchin said on CNBC. “You know they’re big or small in the short term. You know there are definitely people who have unemployment claims. And the good thing about the bill is that the president is protecting those people. So, with these plans now, small businesses hope. Be able to give back a lot of those people. “

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“Last week, they didn’t know if they had security. They had no cash. They had no choice,” Munuchin added. “Now, with this bill being passed by Congress, there is protection. And like I said, hopefully, those workers will be resettled, but in these three programs, it protects all American workers. And by the way, you know, pretty big. Large companies free grocery stores, pharmacies, you know, continue delivery services. These companies continue to work overtime. Rang, I know they are recruited as quickly as possible “”

Manuchin on Wednesday said the huge relief bill is expected to keep the economy going for about three months. The Treasury Secretary said Americans with direct submission of file information to the IRS should see these checks in the next few weeks. However, it may take longer for Americans who are not directly credited to the IRS because these checks will be mailed.

“We are determined to get money out of people’s pockets immediately,” said Manuchin on CNBC.

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