Economy

Treasury Secretary Mnuchin: ‘We Can’t Shut Down the Economy Again’

Treasury Secretary Mnuchin: ‘We Can’t Shut Down the Economy Again’”

The economic impact of the pandemic continues as well. The US has seen the worst of the virus worldwide, with 2,088,272 confirmed cases and 116,009 deaths.

The U.S. economy will be in recovery by the third quarter of this year, economists said in a survey that also concluded the labor market will fare better than previously expected following the effects of the coronavirus pandemic. "I think we've learned that if you shut down the economy, you're going to create more damage", he told CNBC's Jim Cramer on Squawk on the Street.

That damage goes beyond economic fallout, extending to "medical problems and everything else that get put on hold", he said.

"I was very pleasantly surprised by the recent numbers, I though we were going to bottom in June not in May", Mnuchin said.

"We can't shut down the economy".

US President Donald Trump has touted the country as world leaders in testing, with the highest amount of tests worldwide.

Mnuchin said of the $3 trillion in coronavirus rescue spending approved by Congress this year, only about $1.6 trillion has filtered through the economy so far.

More news: Double Lung Transplant Saves COVID-19 Patient's Life in Chicago, Illinois

He expects that the rest will be pumped into the economy "over the next month".

He said that the program was supporting employment of about 50 million workers and more than 75 percent of the small business payroll in all 50 states.

"We're going to get everybody back to work". On Thursday, it was revealed that an additional 1.5 million Americans filed for first-time unemployment benefits last week, bringing the total since the economy shut down to 44.2 million people over the last 12 weeks.

Mnuchin said he is ready to ask Congress for additional money if needed, after telling the Senate at a hearing Wednesday that the US will "definitely" need another bipartisan stimulus package to prop up certain vulnerable industries.

But the applications for PPP loans, which are forgivable if borrowers meet certain criteria, say such data will "automatically" be released.

Many small businesses had difficulties getting loans due to technical glitches, while some well-financed publicly traded companies accessed multi-million dollar loans, prompting Mnuchin to issue new guidance requiring the companies to return the funds.



Like this

loading...
loading...

Latest


14 June 2020
Manchester United star Paul Pogba returns to match action at Old Trafford
He had a tough season plagued by injuries. "Great players can come together", Fletcher told MUTV's Group Chat . I don't think he was supported.

14 June 2020
Gunman shoots 8 after being turned away from San Antonio bar
A man apparently upset that a Texas bar wouldn't let him in opened fire Friday night, wounding eight people, cops say. Six were transported to hospitals, but two people who were grazed by bullets declined.

14 June 2020
DeSantis Announces School-Reopening Recommendations
The bill grants players the opportunity to "earn compensation for the use of her or his name, image, or likeness". Some Federal lawmakers have expressed concerns about the NCAA's desire and ability to regulate NIL compensation.

14 June 2020
Los Angeles County to Introduce Guidelines to Restart TV and Film Production
Fourteen people who died were over the age of 65 years old and one person who died was between the ages of 41 and 65 years old. Statistics show people are still contracting the virus, and the overall community death rate is still in the double digits.

14 June 2020
Xbox Getting A New Mobile App Soon
Before we explain how you can mod games through the Xbox Live application, you should know which games support this feature. If compatible, click on the More button, choose Enable mods , and follow on-screen instructions.

14 June 2020
Twitter testing new feature to prompt users to open articles before retweeting
It won't stop them from passing on the information, but Twitter is hoping the prompt will help people think before they tweet. Recently, it started testing a feature where users can restrict replies on their tweets and even hide specific replies.

14 June 2020
Trudeau has 'serious questions' after watching video of Chief Adam's arrest
While only 5% of the population is indigenous, indigenous people make up about a third of the prison population . After he leaves the vehicle a final time, he is held by one officer while a second tackles him to the ground.

14 June 2020
Funding gaps jeopardize aid in Yemen as COVID-19 spreads
Jens Laerke, a spokesman for the US Office for the Coordination of Humanitarian Affairs (OCHA), said only 47 percent of the promised $1.35bn had actually been received.

14 June 2020
Kudlow: 'There Is No Second Spike' of Virus
It's really flat and it's the same in terms of homicides, it's actually less than that, it's like zero to one and a half percent. Following fears of an increase in coronavirus cases, USA stocks have posted their strongest sales in three months.

14 June 2020
Movement to defund Calgary police focuses on capping budget, says activist
Seventy-five percent of Americans want to support "allowing victims of police misconduct to sue police departments for damages". Most Americans don't agree with the "defund the police" movement , according to recent polls .