Scott Minerd, chief investment officer of Guggenheim Investments, said there could be rolling shutdowns for the next two years, preventing a full-scale return to work, and that U.S. unemployment could reach as high as 17%.
Speaking to Bloomberg’s Sonali Basak, Minerd said the outlook meant that more financial support was needed for the economy, especially the millions of Americans who have just lost their jobs.
You can watch the interview here.
“It’s going to be a long haul to get back to the unemployment levels we saw prior to the downturn,” Minerd said at the start of a panel hosted by the UN Office for Partnerships alongside Goal 17 Partners. “That’s why I’m so concerned about a longer-term plan to encourage business to get people back to work.”