"Treasury Secretary Steven Mnuchin warned Republican senators Tuesday that the coronavirus pandemic could drive up US unemployment to 20%, a Republican Senate source told CNN."
Skipping politics aside, if we get close to 20 percent unemployment the card market will suffer as many people will have to sell at reduced prices to put food on the table, pay rent, etc.
The 2008 recession led to 10 percent unemployment by October, 2009. This would be double that figure. If you remember how 2007-10 was, then you have an idea what 2020-22 would be and then some.
Rich
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