KEVIN HASSETT

Former Trump economic adviser Kevin Hassett compared the state of the economies under the Trump administration and Biden administration on "The Ingraham Angle."

With second-quarter GDP data due out Thursday, the question of whether the economy is in recession will be on everyone's mind.

Not even the White House is immune from the economic trend that's been called the "great resignation” as employers struggle to fill vacancies and workers jump to new jobs at record rates.

The 1999 book "Dow 36,000" long exemplified the risks of predicting markets. Now stocks have finally reached the milestone.

Blue-chip index reaches new milestone as investors cheer strong corporate profits and look past inflation jump.

Blue-chip index reaches new milestone as investors cheer strong corporate profits and look past inflation jump.

Paul Winfree, a former Trump White House director of budget policy, doubted that the holdup on the economic update was on Trump's radar. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, noted that the law requires the White House to update its budget forecast. In 2017, the Trump administration criticized the Obama administration for rosy expectations of growth during the Great Recession more than a decade ago. An updated forecast in the mid-session review could make the Trump White House a similar target for criticism. This is a White House that is in denial about the trajectory of the economy.___Associated Press writers Alexandra Jaffe and Emily Swanson in Washington contributed to this report.

President Donald Trump speaks during a meeting with restaurant industry executives about the coronavirus response, in the State Dining Room of the White House, Monday, May 18, 2020, in Washington. It almost feels like today is the first day," Trump said at another point in the meeting. "So Im very happy, and the markets up very big, Trump said earlier in the day at another White House meeting. Trump met with restaurant owners and executives in the afternoon. I think you're going to have to open a lot of additional restaurants in this country," Trump told the executives.

President Donald Trump speaks during a meeting with restaurant industry executives about the coronavirus response, in the State Dining Room of the White House, Monday, May 18, 2020, in Washington. It almost feels like today is the first day," Trump said at another point in the meeting. "So Im very happy, and the markets up very big, Trump said earlier in the day at another White House meeting. Trump met with restaurant owners and executives in the afternoon. I think you're going to have to open a lot of additional restaurants in this country," Trump told the executives.

Senate Democrats and Republicans have a conference call scheduled on Monday with Kudlow and White House economic advisor Kevin Hassett to discuss ideas for next steps. Kudlow and Hassett held a conference call with 50 members of the House on Friday to discuss the coronavirus response. White House economic advisor Larry Kudlow said on Sunday that the Trump administration is in informal talks with U.S. lawmakers from both parties regarding the next coronavirus relief package. However, Republicans in the Senate and White House are downplaying the need for more aid as they push for a quicker reopening of the economy. White House economic advisor Hassett said the administration may support a limited form of relief for state and local governments after evaluating the impact of current measures.

Last week, a spokeswoman for Pence Katie Miller, wife of senior White House aide Stephen Miller tested positive for the coronavirus. Public health experts, though, repeated warnings that only robust testing and contact tracing could prevent cases from flaring up again. AdvertisementThe bottom line is that were not diagnosing enough cases, and were not tracing their contacts, said Thomas Inglesby, who directs Johns Hopkins Universitys Bloomberg School of Public Health. For many, nervousness over reopening the country was amplified when the White House announced two cases within its walls and a resulting ramping up of precautions. Trump has portrayed budget shortfalls, particularly in blue states, as the fault of state administrations rather than a result of the virus.

The U.S. economy could contract at its worst rate since the Great Depression later this year due to the coronavirus crisis, warned Kevin Hassett, who recently rejoined the Trump administration as a senior economic advisor. The initial look at gross domestic product for the first quarter, out on Wednesday, will be a negative number, Hassett said Monday on CNBC's "Squawk Box." However, he said the real damage to the economy from the coronavirus will be revealed further down the road. "You're looking at something like minus 20% to minus 30% in the second quarter." "The puzzle is incomes are staying relatively high and output is going to zero," Hassett said.

Its a really grave situation, President Donald Trumps adviser Kevin Hassett told the ABC program This Week.This is the biggest negative shock that our economy, I think, has ever seen. Were going to be looking at an unemployment rate that approaches rates that we saw during the Great Depression of the 1930s, Hassett added. Lockdowns around the United States to curtail the spread of the novel coronavirus have hammered the economy, shuttering businesses and sending unemployment skyrocketing. Youre going to see numbers as bad as anything weve ever seen before, Hassett said, referring to U.S. economic data. If we need to spend more money we will, and well only do it with bipartisan support, Mnuchin told Fox News Sunday.

WASHINGTON (Reuters) - White House advisers hope to come up with several options to present to President Donald Trump for big thoughtful policies to help rebuild confidence in an economy battered by the coronavirus pandemic, a Trump economic adviser said on Sunday. REUTERS/Bryan R SmithNationwide lockdowns to curtail the spread of the novel coronavirus have battered the U.S. economy, shuttering businesses and causing rising unemployment. I think the next couple of months are going to look terrible, Hassett said. But even next year, the CBO forecast the unemployment rate averaging above 10 percent. Were putting in an unprecedented amount of fiscal relief into the economy, Mnuchin said on the Fox News Sunday program.

A man stands in front of a Modell's store that is closed, as retail sales suffer record drop during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 15, 2020. REUTERS/Bryan R SmithWASHINGTON (Reuters) - The U.S. unemployment rate is likely to hit 16% or higher in April, and really big thoughtful policies will be needed to rebuild confidence, a White House adviser said on Sunday. I think the next couple of months are going to look terrible, White House economic adviser Kevin Hassett told reporters. Youre going to see numbers as bad as anything weve ever seen before.

Speaking to reporters on the White House lawn on Sunday morning, Hassett said the unemployment rate could hit 16% and "the next couple of months are going to be terrible" for economic data. "We see an unemployment rate that approaches rates we saw during the Great Depression," Hassett told ABC's "This Week." "A lot will depend on what happens next," Hassett said about the chances of seeing a V-shaped economic rebound rather than a longer U-shaped return to economic growth. The insured unemployment rate, which compares those current receiving benefits to the size of the labor force, rose to 11% this past week, a weekly jump of 2.8%. That translates to "a barely believable" 23% when the Labor Department releases its unemployment rate calculation in two weeks, according to Paul Ashworth, chief U.S. economist at Capital Economics.

WASHINGTON (Reuters) - U.S. President Donald Trump is bringing back former economic adviser Kevin Hassett temporarily to help out during the coronavirus crisis, a White House official said on Friday. Kevin is returning to the White House to advise on economic policy in his personal capacity, said the official, who spoke on condition of anonymity. Hassett, who had left the White House last June as chairman of the Council of Economic Advisers, has warned of dramatic job losses related to the virus.

(CNN) - Expanding legal immigration could boost the American economy, said outgoing White House economic adviser Kevin Hassett. "We could absolutely improve the economy with immigration reform, and that's why we rolled out a plan to do that," Hassett said. Hassett, who will leave office soon, advocated for a points-based immigration system, which would consider factors like education to determine an immigrant's eligibility. Immigrant rights advocates object to Trump's merit-based immigration plan, arguing it favors well-off immigrants over asylum seekers and people without means. Trade deal hopesOn trade negotiations with China, Hassett said he believed all want to get a deal done.