. >> cbo recently has predicted that unemployment will be 10% plus this year into next. do you agree with that prediction? >> let me just comments for this is nothing against cbo and nothing against the rest of the economic models. we are in an unprecedented situation. this on employment was not a result of bad economic issues. this is a result of medical issues. i think it's very hard to predict and a lot of it depends on reopening of the economy and a lot of it on, as we make advances, and by roles, vaccines, in testing and people feel comfortable so i think the economic models, quite wrinkly, follow the medical models and i think it's too premature to predict those things. but i do think is the second quarter is going to be a dreadful corner because literally it is like we took the water faucet and turned it off so nothing came through. now we are slowly reopening the economy so i think we will bottom out in the second order and i think the third and fourth quarter will be better and as the president has said and i have said with a great advancement in medical progres

. >>> welcome back we got some new numbers from the cbo about gdp this year. let's get to steve who that those numbers. >> thanks. cbo out with its forecast saying gdp will decline 38 pr% in the second quarter a bit lower in the third quarter. forecasting at gdp decline for the full year of 5.6%. 26 million fewer americans will be employed in the second quarter of 2020 and the pandemic spending, all the bills together, cbo estimate will increase deficit by $2.3 trillion back to you. >> thanks very much. stooefr with the la >>> coronavirus has hit kohl's pretty hard. down nearly 8% down a little less than 7% after reporting losses across the board and with holding the same key store metrics. kohl's will suspend its dividend we have a very special guest >> thank you very much i want to welcome michelle to the program. obviously, it was a tough quarter. you've got nearly 1200 stores and they were closed for half of the quarter. of course, it's no surprise you saw a tough sales number down 43.5% even with the surge in digital it's not enough to make up the differe

early ed have 500 backpacks to share with cbo's and they'll be picking those up this week. they may not have easy access to materials and families who may be hom homebound or have other limitations that is delivered to their door steps in the coming weeks. we also have text messages going out to almost 5,000 families and pre-k and they're layered. and then following week there's a growth. a fax might be that letters are the building blocks of written language. very specifically identified skills that they needed to build on and work in. >> we did this in fays and one of the thingphases and went will instruction start. there's a diverse group of stakeholders and that's families and students themselves with diverse access and resources, with diverse levels of comfort, if you will, with technology and even learning repeatly, as well as instruction during to time. that's an average of four hours was something we had, and that average of four hours was not just math and reading, if you will, a lot of opportunities for students engaging in creativity and the arts and physical edu

just like jen stiner said we need to be more intentional about working with cbo partners. as things emerge, we're learning quickly and trying to take those learnings and apply those to our work as we move forward. so we knew that we needed to provide materials and content for our students. the differentiation was a big part of that and we really had to think about, could we provide individualized and that has been asked of us, could we provide individualized instructions for all of the of students we were servicing. in somen instances yes but in some instances, that may not have been possible because of the number of students that we needed to reach. we know teachers are more invested when they have a hand in creating the materials, whether that's in the learning kits or google classroom and those are things we have had to think and how to engage teachers in the process. and we also found that there was a need around the resources we were providing, academic resources, as well as supplies. and there were many requests that came in. we received several emails from families

but when the cbo came back with that number, this is the number -- we didn't cut the number. we just kept the number, but it covered fewer people. so it wasn't cutting any money out of it, it just covered fewer people. but let me say this, what we are doing in this bill is all about stimulus. paying our heroes, keeping government open. direct payment, unemployment insurance. they're against food stamps. s.n.a.p. is a stimulus. all of those things stimulate, they grow the economy much better in fact, their bill did nothing at all when you talk about their tax scam of 2017, when they gave 83% of the benefits to the top 1%, adding nearly $2 trillion to the national debt for our children to pay with no stimulus whatsoever. no stimulus whatsoever. so all of a sudden, the extinct budget hawks have a little flutter because other people are paying. i just want to tell you this one thing, we have this new committee on coronavirus. and it was inspired by senator truman, who said he wanted to study how the money was spent rather than waiting after they did after world war i, and had 116

the question is when you skyrocket will you get back to where you started, and the cbo doesn't quite think so. the second part of that, not getting back to where you started, is what chairman powell talked about. >> the same report talks about how unemployment could still be at 9% at the end of 2021. i know you won't be there to talk about this, or we don't expect that to happen, maybe you will, i should say, maybe you'll leave the white house at that point. but in terms of where we are right now, going into november, do you think that it is possible, you said maybe north of 20% next month, do you think it's possible that unemployment will be in double digits in november? >> yes, i do. but i think that all the signs of economic recovery are going to be raging everywhere. and the only thing we're going to really be debating as economists is are we going to get back to where we were or will it be a long haul to get there. i have two friends, both conservatives, both harvard professors, one thinks it will take 20 years and the other says it will happen virtually overnight. one says it l

that's the kind of thing that should give americans a hope that the cbo forecast is actually a reasonable call as to what might happen in the second half of the year. >> you and other republicans have signaled there might not be another stimulus bill. i was texting with a bunch of governors. governor mike dewine in ohio, republican, told me that his state really needs more money for the state and for local governments. he's already cut education by almost 4% which he called a big hit. he says he's going to need to use up almost all the rainy day funding in ohio. he says local governments will start needing to lay off police officers, firefighters. this is a republican governor. and dewine emphasizes he doesn't want this money for pensions, he doesn't want this money to get the financial house of ohio in order. this is for dire needs like education. can he count on the trump administration to get him the money that ohio needs? can the other governors count on it? >> right. well, where we are right now in the white house is that we've got a bunch of economies around the country, and really

>> we need to see the bill released and scored by the cbo, the congressional budget office. i think it would come down to today. if it is not released today i really don't think they'll be in a position to vote on it on friday, and there is also some concern from members who are just flying town for a day and going back. it may make more sense to come back the following tuesday which is the other option. hoyer also told members they'll be voting on potential rules changes both to allow committees to perform their duties remotely and to allow proxy voting on the floor. this is an issue for vulnerable members, sick members, members caring for sick loved ones, ability to cast vote by proxy. another lawmaker would be able to go into the house chamber with preauthorization from the member and cast the vote. >> we thank you for your time. >> thanks so much. >> again, where are you as far as your comfort level in those quote/unquote normal activities in this pandemic? you can call us on the line to let us know. "the wall street journal" highlights illinois saying states including t

we'll roll into 2021 cbo is at 4.1% for the year. those are really strong numbers.e started out with a solid economy. lower taxes and regulations and trade deals. don't forget usmca that will be a stimulant wuensconce w get back closer to normalcy. i'm optimistic we'll get through this i think this will all pay off. the president rebuilt the economy. those pillars are still there. he'll stay on the supply side and market oriented economies and plans for individuals to help some of the hardships i think we can roll into 2021 and have a spectacular year also >> all right with a will the of ideas what potential relief remight see coming down the pike thanks so much >> my pleasure >>> coming up, we've been have been wondering whether shoppers will venture into stores numbers and what it could mean for ta minfoar reilovg rwd. tempur-pedic's mission is to give you truly transformative sleep. so, no more tossing and turning. because only tempur-pedic adapts and responds to your body... ...so you get deep, uninterrupted sleep. during the tempur-pedic summer of sleep, all te

our quality management service team, our nurses provided trainings to staff, as well as determinan cbos on socil distancing and proper types of protective equipment for delivery of services, as well as method for donning and removing that protective equipment. and they have done 24 training in total. and in addition to that, the nurse manager has work with the hsa occupational therapists provide n95 fittesting for aps, cls and family and children and employee who have close contact with clients. i think that concludes my repo report. >> thank you, shereen. any comments or questions from commissioners? i'm sure i'm speaking for the entire commission in saying that the department has performed with remarkable agility and competence and resource fullness in addressing this situation and please convey our sincere thanks and admiration to that staff that is not here today or participating in this meeting. it's astonishing -- it would be extraordinarily challenging if the caseload remained the same. but under the circumstances, with such dramatic increases in leads, it is even more remarkable

presidential policies in a few moments, because i do believe the second half of this year, according to the cborivate forecasters, the second half is going to have very significant bounceback in economic growth, and that will head into 2021, which could be a fantastic economic recovery. john: when it comes to reopening -- understand if you plan -- are you doing contingency planning now? >> yes, we are. i am not going into detail. it is outside my lane. i talked to ambassador burks on x and dr.mbassador bir fauci on that. i will tell you this without naming names. one of the senior people in that group, i asked that person what happens -- right now, the virus numbers are flattening out. that is a really good thing. that means we can reopen this economy. i asked this person, it happens if you get a jump back up in the virus numbers, and the response was simply, look, we won't have to re-shut down because, first of all, we know more, we have more experience, and second of all, we are much better equipped with the right tools. jonathan: are you rethinking your relationship with the chinese communis

our quality management service team, our nurses provided trainings to staff, as well as determinan cbos on socil distancing and proper types of protective equipment for delivery of services, as well as method for donning and removing that protective equipment. and they have done 24 training in total. and in addition to that, the nurse manager has work with the hsa occupational therapists provide n95 fittesting for aps, cls and family and children and employee who have close contact with clients. i think that concludes my repo report. >> thank you, shereen. any comments or questions from commissioners? i'm sure i'm speaking for the entire commission in saying that the department has performed with remarkable agility and competence and resource fullness in addressing this situation and please convey our sincere thanks and admiration to that staff that is not here today or participating in this meeting. it's astonishing -- it would be extraordinarily challenging if the caseload remained the same. but under the circumstances, with such dramatic increases in leads, it is even more remarkable

presidential policies in a few moments because i do believe the second half of this year, according to the cboecasters, the second half is going to have very significant ounce back in economic growth and that we'll head into 2020 one and that can be a fantastic economic recovery. >> i know you are an optimistic man, whether you have got any contingency planning for a second wave and another shut down? are you doing that contingency planning now? >> yes, we are. it's a subject that comes up. i'm not going to go into detail. it is outside my lane. i have talked to dr. birx, dr. fauci and a terrific team. i will tell you this without naming names, but one of the senior people in that group, i asked that person what happens -- right now, the virus numbers are flattening out and that's a good day. that means we can reopen this economy. so i ask this person what happens if you get a jump back up in the virus numbers and the response was simply, look, we won't have to re-shut down because we know more, we have more experience, and we are much better equipped with the right tools. >> are you rethinkin

bloomberg exclusive, insight on how the coronavirus pandemic is affecting the shipping industry from the cbo of have pegged hapag-lloyd. also the u.k. trade commissioner. this is bloomberg. ♪ guy: welcome back to the european close. and figurehe latest out what the bloomberg first word news looks like. mark: thank you very much. u.s. companies cut 20.2 million jobs last month according to adp research institute. it's the most in records dating back to 2002 and it does not include the impact of the coronavirus outbreak that occurred later in april. the government comes out with his monthly jobs report on friday. president trump is preparing for what he calls phase two of the u.s. response to the pandemic. he told a crowd in phoenix that americans should start returning to their everyday lives even if that leads to more sickness and death. the president also considering disbanding his coronavirus task force, the experts that have steer the government's policy thus far. china is firing back at u.s. secretary of state mike pompeo. they say he has no evidence for his claim that the coronavirus es

talk about presidential policies in a few moments because the second half of this and according to the cbovate forecasters, it will have significant bounceback in economic roastery that will go into 2021 which could be a fantastic economic recovery. >> when it comes to reopening, i want to understand if you have done contingency planning for a second wave? are you doing that planning now? >> yes. it is something that comes up. i will not go into details. i have talked to dr. birx and dr. fauci and the terrific team that president trump has assembled. one of the senior people in that group, i asked that person what happens. right now the virus numbers are flattening out. that is a good thing. that means we can reopened this economy. i asked this person if you get a jump back up in the virus numbers, and the response was, look very we won't have to shut down because first of all, we know more, we have more experience and second, we are better equipped with the right tools. >> are you rethinking a relationship with the chinese communist party? >> from reports today, ambassador lighthizer, sec

>> cbo believes that the recovery is coming, but it's going to take some time.. by 2021, cbo predicts the economy will still be 1.6% smaller than it was at the end of 2019. so we won't even be fully recovered. they're also predicting that the unemployment rate will remain above 15% through september. could be over 9% by the end of 2021, and, again, that's just one percentage point below where we were at the worst part of the great recession. so the labor market will not heal any time soon, tony. >> yeah, that really lines up with what the treasury secretary had to say, which is that things will get worse before they get better, but we got the frankfort from the experts here, from the analysts, what are everyday people thinking, what are they feeling? >> well, i think that what's very clear from various surveys is people are still very worried. we have a new poll out from "the new york times" and what it found was 60% of americans, these respondents, they said over the next five years they believe the labor market could continue to hurt and they also used a word

presidential policies in a few moments, because i do believe the second half of this year, according to the cbo and private forecasters, the second half is going to have very significant bounceback in economic growth, and that we'll head into 2021, which could be a fantastic -- and that will head into 2021, which could be a situation. jonathan: you have worked with democrats as well. the fed has done its part. i'm trying to understand how the policy effort evolves. clearly when we are shut down, when we reopen, that is the time to stimulate. how do you see the policy effort changing in the months to come, adapting, larry? larry: i am not here to negotiate, but i will simply say this. had a set ofmp has policies that worked very well before this pandemic. the first three years plus. indeed, in january and february the economy was growing at 3% or better. i think that he wants to extend a lot of the ideas. he wants to be a free enterprise economy. he wants to reward people for their success and their initiative and their efforts. he has talked about from time to time, talked and tweeted about pay

cbo expects that we will have double-digit unemployment into and through next year and most private analysts will agree. makeld say that trying to indefinite the extension of ui to the gig workers, part-time workers, trying to cover those who are not going to be enter -- not going to be able to enter the workforce and making sure that these benefits do not run out. that really should be the top priority. i did a little bit of a back of the envelope computation and, even if you have no contribution from the state, if the federal government were to cover two thirds of the average annual wage of american workers over 20's --iod of time, at 20% unemployment is $90 billion a month. remember, within appropriating the 250 or 350 billion that goes in a week under the ppp. relatively speaking, if you think about putting the money where it is most needed in political and economic terms, that would be the priority. i also would do some of the things you mentioned, which is to those who are simply in need, but not unemployed as such, to trying get some money out to them, and absolutely. how could we not

of the year, you might be a little below where we were in january, but there's really -- i think the cbo is calling for a really comeback. i think that it could well be that they would revise now given the real-time data that we are saying. >> neil: that is white house economic advisor -- the one we are in right now i can see that gdp well up 2% to 4%. the south th south dakota senatg us now. senator, good to see you. >> good to see you, thanks. >> neil: are all these places that are opening, including disney springs obviously in orlando. i'm really looking forward to graceland tomorrow. i don't know if you are an elvis presley fan. well, there you go. i'm only saying that those are the kind of iconic openings or opportunities that you think about. that's a big deal, isn't it? >> it is. there are lots of them across the country. and south dakota we have ours. there's a place called walled road. while drug is set to open june 1st. everybody is looking forward to that. you will kind of know that things are back to normal or at least not totally back to normal about moving back to normal wh

you use to have to do this at the cbo. what are we staring at with the job's robert and put eport and context for us. >> these numbers are large. i think the right way to think about it is every one expects that during the second quarter national income will decline by about 10%. in the worst year of the great depression it was 12%. we're going to experience a great depression year this spring. there's a concentrated economic hit with an enormous amount of damage and the damage follows a very familiar pattern. if you're a college educated individual, your chance of being unemployed is way lower than if you have a bit of college or no high school didiploma. we know that. it's a lesson from across the labor market. the people out there, third of them were in restaurants and leisure, hospitality, they are the lower skilled, lower income individuals and they have been hit the hardest. >> jared, it seems as if one of the things we're learning and i say this, i think congress had this idea they threw out there, the ppp, and i th

>> yes, and doug, to build on that, you ran the congressional budget office, and on april 24th, the cbo just put out their, you know, non-partisan numbers and they say unemployment even at the end of 2021 is going to be 9.5%. so they see something very different than what the president is promising the american people. >> yes, i think that most forecasters do see a return to growth in the second half of this year, so that's a great piece of news, given it's going to fall at essentially an annual rate of 40% in the second quarter, but that's not going to get us back to levels of economic activity, that we had in january. it's not going to get us back to levels of employment that we had in january. that's a much harder task and that's going to take well over a year to get accomplished. >> christine, tell us what folks at home who are watching this, what they should prepare for? you heard kevin hassett say to poppy in the last hour that he expects the next month's job report to be even worse, right, as if it could but yes it can apparently. how should americans expect this to play out over

when we do, i think, according to cbo we'll see a very strong second half of the year. probably 20% economic growth. >> larry -- >> policies that were in place on lower taxes and lower regulations are still in place. we may expand on those policies with the congress. next year, 2021 could be a tremendous snapback in the u.s. economy. i'm going to leave president obama alone. i just want to make the case that's the prevailing consensus right now. >> larry kudlow, thank you for your time this morning. >> appreciate it. >>> let's get more on all this of the president of the minneapolis federal reserve bank neel kashkari and liz ann sonders. this tremendous rise off the bottoms of the stock market over the last three weeks even as we have seen these absolutely recordbreaking unemployment numbers, can you explain this great disconnect to the american people? >> probably not fully. everything that's been happening both in the economy given that it was a government shutdown by fiat effectively in order to s, and also the warp speed in which we saw the stimulus kick in both by

think at the end of the year, you might be a little bit below where we were in january, but i think the cbo is calling for a quick comeback. i think he could well be a little bit that they would even revise now given the real-time data that we are seeing. for the unemployment rate, given the initial claims that we've had for unemployment insurance since the last two jobs report, we are looking at a number in a 20% range right now for the next report. after that, americans are getting back to work. in the last jobs report, 18 million people said they expect to be reemployed in the next six months. i think things are wrapping back up now. the next jobs report, i think would be the last one. it is north of 20. i think we should head south after that. >> neil: how much of your economic assumptions are based on more stimulus either from the federal reserve -- which has been quite generous. or even congress with the trillions already spent? do we need still more to move those numbers? >> that's what we are working on right now with the white house. we are watching the economy turned back on in re

presidentialbout policies, because i do believe the second half of this year, according to the cbo andorecasters, the second half is going to have very significant bounceback in economic growth. that will head into 2021, which could be a fantastic recovery year. >> i want to understand and i know you are an optimistic man, whether you have done contingency planning for a second wave and another shut down. are you doing that now? >> we are. it is a subject that comes up . i'm not going to go into details outside my lane. i have talked to the terrific team president trump has assembled. one of the senior people in that happens, youd what know, right now the virus numbers are flattening out. that is a good thing. that means we can reopen this economy. i asked what happens if you get a jump back up in the virus numbers, and the response was simply, look. we will not have to shut down because first of all, we know more, we have more experience, and second of all, we are much better equipped with the right tools. >> are you rethinking your relationship with the chinese communist party? >> i

implication that a budget that is this far deficit, and basically 10% of gdp is the run rate deficit of the cbohat is a budget that will need to be addressed in some serious fashion on the others have this. one thing investors need to take era of taxt is the cuts is over. there are going to be corporate and personal income tax increases on the others out of best to bring the budget closer to balance. the federal budget does not have to be balanced, but the deficit has to be reined in so it is not increasing faster than general economic growth. do get a cares 2, 3, 5, or another $3 trillion stimulus, what is the most effective way to help the economy and the workers manage on the other? jim: if you break down the cares act, probably the most important stimulus in that is the support for income, the extended unemployment and increased unemployment benefits for the 30 million americans rendered unemployed in the last six weeks , and the paychecks coming out of the treasury department for people earning less the $90,000 a year. that is money in people's pockets that supports their ability to meet t

presidential policies in a few moments, because i do believe the second half of this year, according to the cbo, the second half is going to have very significant bounceback in economic growth, and that will head into 2020 one, which could be a fantastic economic recovery year. >> when it comes to reopening, i want to understand -- i know you are an optimistic man -- whether you have done any contingency planning for a second wave and another shut down. are you doing that contingency planning now? >> yes. i will not go into details. it is outside my lane. i have spoken to dr. birx on that, dr. fauci, and vice president trump's -- and president trump's terrific team. one of the senior people in that group, i asked that person what happens. you know, right now, the virus numbers are flattening out. that is a really good thing. that means we can reopen this economy pit i asked this person, what happens if you get a jump back up in the virus numbers? the response was we will not hut down, because first of all, we know more, we have more experience, and we are much better equipped with the right too

profile for government spending, it picks up quite sharply on the cbo forecast from january pre-pandemic inflation in the system and the bond yield backs up, interest spending really starts to bite into government spending. so they need to cap it. you need yield curve control. that is why i think you're going to get that situation playing out and continued money creation on the other side of it. so it becomes a different ballgame. alix: we take a look on the corporate level, what do corporations look like? what are some of the bigger changes we are going to see in certain sectors that disrupt your traditional thesis? if we get a recovery, go buy cyclicals. how is this going to look differently on a sector basis? chris: in the near term, people are way too optimistic on technology. it's become this narrative that tech is the great savior at time like this. we are all working from home, doing zoom calls and so on, and the tech companies are more resilient. but i think once we get into a more traditional bear market and recession, that will be exposed for what it is, and i think tech will s

and private surveys, even cbo, that we will have a 20% increase in growth in the second half of the year. as you say sir, as the transition. and finally i want to say, and i appreciate your comments very much, sir, if we stay these principles that worked. january and february of this year, the economy was growing before the buyers hit. , rollback of dependence, energy blockseals, the building of a blue-collar boom, and a middle-class wages, boom. and a small business boom, the heart of the republican party. there is no reason you did it wants. -- you did it once and we will do it again and next year, 2021, can be a spectacular year i really believe that. -- year. i really believe that. it is my honor. >> thank you very much. >> thank you, mr. president and i want to thank everyone around the table. i have had an opportunity to speak to you and all of your ideas. as others have said, it is the president's economic policy that led us. the utmost confidence we have the greatest scientists in the greatest medical people. the policies in place recently are protecting american workers and amer

heartened to some extent -- this is a terrible situation it's hardship and difficulty everywhere but look, cboa bunch of private surveys and the "wall street journal" economist survey are look at almost 20% growth in the second half of 2020 and almost 3% growth in 2021 after we pause -- this is a pause period, when we come back and discuss with congress that growth incentives will be crucial to whatever policy actions we take. >> on that note we have many ceos from some of the largest companies in the country join us and have this week, many of them are talking about what are fairly significant cuts to their capital expenditures a phased in return to work in terms of at least to the workplace for their workers. we can imagine the behavior of the american consumer will not change overnight i hear you saying you will see or hope to see significant growth next year how do you really get there, given all the cutting that's taking place right now and the uncertainty that still exists in terms of what behaviors will look like. >> those are important points. we've been meeting with ceos constantly in

if you look at the mainstream economic forecast over the past 48 hours, like cbo, it is forecast in avery weak 2021, and that growth at the end of '21 would be only 1.6% that it would take three years to recover the lost output as a result of this economic retraction and that s&p 500 earnings would not return to 2019 levels in 2021. so that -- you look at that and say to yourself, if investors are looking for a strong 2021, where is that going to come from second possible explanation is just the amount of monetary expansion between the fed and the ucb. their balance sheets are approaching a $10 trillion expansion and growing 15%. 2% is considered normal. this is a version of the drugger miller argument the other way. it's also what happened in 2008 and 2009 when the fed targeted equity values in order to improve consumer net worth, household net worth and promote consumer spending. that's a possible explanation, and the third is the obvious, which is that markets overvalued and will correct i'm not start enough to know what it is, but i have to say the argument that the market is ahea

i think when you look at the cbo forecast, they're showing unemployment averaging 10% in 2021 and ending at 9.5% so we are facing a long haul and i hope that as congress responds in this next round of the legislation, they put measures in place that provide critical relief like extended unemployment benefit that is go until the economy recovers, not just to a date certain, which is way too short. >> so it sounds like you think mr. secretary we're going to need a lot more help and stimulus from congress >> yeah. i think that as long as people can't get jobs because the economy is on partial recovery and the if we're looking at unemployment rate that's in the neighborhood of 10%, we need these kinds of extraordinary measures my own view is we should keep things like extended unemployment benefits until we get say within twopoint of where we were before the crisis. we were at 3.5% unemployment so until we're at 5.5 or 6% unploit. we're a long away way from there. i think you can see from the character of the political debate it's getting harder and harder to get these things done. so when t

and are partnering with the human right's commission, hsh, the police fire and sheriff's office and cboso deliver them to the most vulnerable members of our city. the eoc also lead a block by block assessment of the tenderloin with community groups to help form lat few formulate n plan for all of those who work is live there. the eoc launched a public-facing covid-19 alternative housing tracker. i would like to thank mary ellen carol and the service workers who have stepped up in this time of need to response to the health and economic emergency in our city. their professionalism, outstanding work ethic has been truly impressive and inspiring and finally this week as president yee noted, my office voted to keep serving for a second week. however, we need volunteers for next week and beyond. so please reach ou reach out tod leliaison if you can provide ths role. thank you for allowing me to provide this update to the board. >> you're on multimute, mr. president. >> thank you, madam clerk. thank you, supervisor mar, for the update. ok, colleagues, today we have approving the minutes from t

lookingion to you is, at those cbo projections on theyloyment, do you think are accurate, do you thinkhey are too optimistic, too pessimistic, what is your view? mr. quarles: there is a great deal of uncertainty about what the evolution, medium-term evolution of the and employment rate will be. the the near term, i think immediate unemployment rate will be extremely high. is certainly not out of the ballpark at all. assessment of the economy has continued to develop over the last two months, i would say each time we return to our projections, i think they become more sobering. theour expectation for persistence of the high unemployment rates is greater. myself,d not want to, quantify that at this point for the fourth quarters or pass one way or another. is a serious economic time that we are going through. sen. van hollen: so just so i understand your answer, and as you said, luck, we are living in a world of great uncertainty. but we have to make the best decisions we can with the information we have. as i indicated, the enhanced unemployment benefit will expire at the end of july. an

to be fair the cbo is predicting v shipped recovery albeit with unemployment in the mid to high teens't see how we get a v-shaped recovery with that few people still unemployed. it will remain that way, high unemployment, 1930sesque unemployment between now and at least into 2021. i'm very skeptical on the economy to rebound. we have a tremendous amount of destruction to this economy. it its going to take much longer for it to recover. stuart: that is a dire prediction, indeed, stephen schork. we'll take it from you. thank you very much indeed. we'll see you real soon. >>> let's talk gasoline for a second, the national average for a gallon of regular gas is 1.$9. a lot of travel experts think this year will be the year people go on vacation but they drive. jeff flock joins us now. are we talking now about kind of a staycation america this year? reporter: you hit it right on the head, stuart, absolutely and i come to you, speaking of staycations from america's newest national park. this is the indiana dunes. maybe you see beautiful landscape soaring dunes here along lake michigan, in i

a referral process in the tenderloin which is our first focus or the rv site so that we can use the cbo knowledge and addition to our network regime to match with our data systems and go and look for our people who are there. and that's the end of my slide. i'm happy to take questions. i do need to note that i need to step off at 3:55 or 3:57 to join another call. >> thank you so much. supervisor. >> yes, i do want to -- before you leave, abigail, i have a couple of quick questions for you. i know that we still are leaving people who are vulnerable -- sorry, considered to not be vulnerable in shelters and can you speak to what exactly the thinking is behind that and why aren't we expanding who is being placed into hotels and why are we continuing to leave so many people behind in shelters? >> yes. that's a terrific question. and so we want to really make sure that the hotel rooms and the guidance of the department of public health are used for people who candidly are more likely to pass away from covid and we know that there's tremendous spread of covid across the entire san francisco c

the cbo and a lot of private forecasters are lacking for 20% gain in the second half.ill believe that's a reasonable number. i want to go through that and transition into a huge 2021 which is what the president has been talking about. to do that, stu, we're not going to spend our way out of that any more than we spent our way out of the depression, although this is not like the depression. this is about a virus, not about past economic policies but i'm just saying things like payroll taxes to boost take home pay for workers, things like capital gains taxes, not just for the stock market but we've got assets that have fallen 30 or 40%, so suppose you bought one of those poor assets that have sunk whether it's a factory , a business, an energy company, they are all over the place, why not get a couple years break on capital gains if you buy it between now and the end of the year? or , for example, we've learned that the offshoring should be turned into onshoring. we cannot rely as extensively as we have in the past with respect to overseas countries including china, and

and are partnering with the human right's commission, hsh, the police fire and sheriff's office and cbos to deliver them to the most vulnerable members of our city. the eoc also lead a block by block assessment of the tenderloin with community groups to help form lat few formulate n plan for all of those who work is live there. the eoc launched a public-facing covid-19 alternative housing tracker. i would like to thank mary ellen carol and the service workers who have stepped up in this time of need to response to the health and economic emergency in our city. their professionalism, outstanding work ethic has been truly impressive and inspiring and finally this week as president yee noted, my office voted to keep serving for a second week. however, we need volunteers for next week and beyond. so please reach ou reach out tod leliaison if you can provide ths role. thank you for allowing me to provide this update to the board. >> you're on multimute, mr. president. >> thank you, madam clerk. thank you, supervisor mar, for the update. ok, colleagues, today we have approving the minutes from

and are partnering with the human right's commission, hsh, the police fire and sheriff's office and cbos to deliver them to the most vulnerable members of our city. the eoc also lead a block by block assessment of the tenderloin with community groups to help form lat few formulate n plan for all of those who work is live there. the eoc launched a public-facing covid-19 alternative housing tracker. i would like to thank mary ellen carol and the service workers who have stepped up in this time of need to response to the health and economic emergency in our city. their professionalism, outstanding work ethic has been truly impressive and inspiring and finally this week as president yee noted, my office voted to keep serving for a second week. however, we need volunteers for next week and beyond. so please reach ou reach out tod leliaison if you can provide ths role. thank you for allowing me to provide this update to the board. >> you're on multimute, mr. president. >> thank you, madam clerk. thank you, supervisor mar, for the update. ok, colleagues, today we have approving the minutes from

- you have to get out to 2029 or 2030 to see unemployment rate even in the low 4%, according to the cboay to go. we'll see how it unfolds. we could be looking at unemployment levels that we have not been used to for a very, very long time, for a very, very long time. lastly, let's look a the impat t on the election, potential impact, and what is happening in the states. the dark blue bar, third down, shows our current 14.7% unemployment rate. as i said, that will go up next month and at least probably another month after that. you can see the battleground states and how they compare. michigan, which had to shut down its factories earlier, the 2%22 unemployment. wisconsin, florida, arizona, north carolina, slightly less. the states are all at or babove the national average and, therefore, likely to face that kind of trajectory. when we get to election day in these states, we'll still be looking at double digit unemployment. jason's argument is that the economy will look better. things will have looked like they improved. indeed, the third quarter gdp number, when it comes out, will show,