austan goolsbee is with me now, former economic advisor to president obama, good evening to both of youe big headline today was the economic task force of will be announced tuesday of next week, i imagine we will get a leak or two, what would you expect or hope to see on that? >> congratulations, you made my weekend with that previous segment about the worst behind us, that is the best news i've heard in many months. congratulations on that and let us hope that trend continues. incidentally, the problem here that the president has to deal with is it looks like the worst of the death rate and the infection rate is behind us but the economic carnage from the shutdown is only just starting. we've seen 16 to 17 million additional americans put on unemployment liens. this has come at a very heavy cost and donald trump if you're watching, please get this economy up and running as quickly as possible. trump is talking about this task force with people like my buddy larry kudlow and probably steve mnuchin, but there will also be private sector people, we are hoping to see some of the business l

. >> with us again tonight is austan goolsbee, former chairman of the council of economic advisers fordent obama, these days a professor of economics at the university of chicago. austan, a lot to talk about right there. let's add the proviso that this ain't up to any president. this is a business issue, local and state decision to make. but do you see anything opening back up in may? do you see any state or region in the face of a virus that does not respect state or regional lines? >> so far it seems like it's a mistake to me because they shouldn't be picking by date. they should be picking by objective criteria like that we get the rate of spread of the infection down, that we do enough tests that people are not afraid to go out of their house, which is the root of the problem. and so if the president -- that's not going to be decided at a presidential press conference. and if the president gets up and says, everyone go outside and go back to work, if people are still afraid that the disease is rampant and we don't have the tests to demonstrate that, the economy cannot get out of lo

and back with us tonight, austan goolsbee, former chairman of the council of economic advisers for presidentbama, a professor of economics at a small institution in the middle of the country called the university of chicago. austan, it's great to see you again. thank you for coming back. we learned today from the associated press half of u.s. workers have either lost jobs or income because of this. but this question has us at a crux. was this too big to be administered? >> well, you know -- >> it certainly seems like it's too big. >> sorry. austan first. this is always hard on satellites with long delays. austan, and then we'll get to karen. >> okay. i mean the first thing is this number of the unemployment claims this morning, just pause for a second. it was stunning. it was unbelievably awful. it is by a factor of ten the biggest job loss in the history of the united states before the coronavirus. so the pressure is on. we have to get money out the door. we have to get money to the small businesses to prevent them from liquidating and turning this temporary shock into something more perman

austan goolsbee, thanks for helping us make sense of it.ave a good weekend. >>> another neglected part of this story and you'll start hearing more about it. tomorrow there's a special called "the color of covid" with van jones and of course d. lemon about how minority communities are getting crushed and they'll get hurt worse if they reopen the wrong way. you know who else is getting crushed? military. i want you to meet a veteran who fought like hell to win his battle with coronavirus. i want you to join me in saluting a retired marine and now a coronavirus vet, next. you've got it all. all this grass. all this mulch. all these projects to do. you need a tractor that can do it all right. mowing. hauling. mulching. trenching. if it's on the to-do list, the #1 selling sub-compact tractor in the u.s. can do it. versatile performance-matched attachments. legendary durability. affordably priced. the kubota bx series. whaso let's do the rightver chanthing, today.ow. let's stay at home. let's wash up. let's always keep our distance - please, six

austan goolsbee is with me right now, former economic advisor of president obama. big headline today was the economic task force that'll be announced tuesday of next week. steve, i imagine we'll get a week before a week or tuesday, what would you expect, what do you hope to see on that? >> bill, congratulations, by the way. you made my weekend about that previous segment of the worst being behind us, the best news i've heard in many months. congratulations on that and let's hope that trend of declining will continue. fantastic news. incidentally, the problem you're the president has to deal with in this task force, it looks like may be the worst of the death rate and the infection rate is behind us, but the economic carnage from the shut down hit is only just starting. we've seen 16 to 17 million additional americans put on the unemployment line, so this has hit a very, very heavy class, donald trump, if you're watching, please get this economy up and running as soon as possible. donald trump talking about the task force with many people in his administration, peop

. >> austan goolsbee, thank you so much, sir. appreciate your time. >>> this is "cnn tonight." i'm don lemon. it is 11:00 p.m. on the east coast and here are the latest on the coronavirus pandemic. here's the latest information, i should say. there are now more than 670,000 cases of coronavirus in the united states. more than 33,000 americans have died from the disease. worldwide more than 2.1 million cases and more than 140,000 deaths. president trump announcing new guidelines tonight for states to reopen their economies, but telling governors they will be the ones to call the shots on opening their individual states. and incredibly, saying that states which aren't being hit hard by the virus can reopen for business as early as tomorrow, as long as they meet the new guidelines. that as the cdc's reporting cases of coronavirus in all 50 states as well as washington, d.c. joining me now to discuss, cnn white house correspondent john harwood and our resident fact checker, daniel dale. gentlemen, good evening. john, the president ceded to the medical experts in laying out a multi-

joining me now, austan goolsbee, he is the former chairman of the council of economic advisers underk obama. it is always a pleasure to have you, sir. are you doing okay? >> yeah, thank you for having me back. >> absolutely. so, again, as i said, you were an economic adviser for president obama. in one month, sir, this virus is destroying the job growth from the past decade. what's your assessment of where we are and how much worse this gets? >> well, i mean, it's the worst 28 days in the history of american jobs, by a lot. factor of 10. there has never been anything like this. i'm just nervous that given these unbelievable numbers they're actually an underestimate because millions of people are trying to file for unemployment benefits and the systems in these states are totally overloaded so they haven't even registered all the people that lost their jobs yet because they're still trying to get through. so i think we better hope that we're able to rebound quicker than in a normal recovery, because in a normal recovery, the unemployment rate goes down about 1%, 1.5% a year, and the u

joining us tonight, austan goolsbee, the former chairman of the economic advisors and ryan grinberg, vice president chair of the program of vice presiden the con new york. you see those speed bumps we have ahead as we try to resuscitate this economy. >> the biggest speed bump, bret, is if we don't start getting people back to work. even if the unemployment claim number start to drop they are still going to be in the millions. we get to the point very quickly where it's hard for businesses to to recover to even stay open to welcome workers back and if we don't start finding limited ways to do that, and that's the eventuality. i don't think we anyone can debate that the only way we get through this is getting people back on the job. >> bret: you agree with that? obviously they are trying to pump a lot of money to help small businesses including tonight but it seems like that will go fast, too. >> yeah, you know i agree that you do have to get out of lockdown to get the economy to come back and hire jobs, but that's far more complicated than just having a president amounts everyone shou

let's get reaction from our expert panel joining us is austan goolsbee.ersity of chicago booth school professor michael strain is with us. economic policy studies director and david balin at citi private back our own diana olick and steve liesman is with us as well steve, let's get to you as well. your take on the numbers you had been looking for lousy numbers. here you go, you got them. >> reporter: yeah. astonishing. we talked about this with the panel, the market rallying on what are absolutely atrocious numbers here i got the philly fed index, which is down 56 if you are looking for a bright spot here, it's not down as much as the empire state was yesterday, which was down 78 prices paid falling suggesting inflationary impulse expectations also negative minus 30 employment down 46 new orders down 70 it's justone awful, terrible number after another able to do some quick calculations here. if i take the total of 22 million jobless claims over the past month or so since the 21st of march, you have an unemployment rate, potential unemployment rate, somew