Posted on 04/27/2020 5:27:19 AM PDT by Enlightened1
Treasury Secretary Steven Mnuchin on Sunday predicted the U.S. economy hit hard by the coronavirus pandemic would rebound this summer and early in the fall even as Fox News’s Chris Wallace noted most experts have projected a longer, slower recovery.
“I think as we begin to reopen the economy in May and June you’re going to see the economy really bounce back in July, August, September,” Mnuchin said on “Fox News Sunday.”
“We are putting an unprecedented amount of fiscal relief into the economy," he added. "You’re seeing trillions of dollars that’s making its way into the economy, and I think this is going to have a significant impact.”
Wallace, however, noted that the Congressional Budget Office recently predicted the economy will contract by 5.6 percent for the year and that unemployment will peak at 16 percent in the third quarter.
In response, Mnuchin said that “we’ve never seen anything like this,” in reference to the pandemic. “We’ve closed the economy, and we’re going to open the economy. ... This is not the financial crisis [of 2008].”
Wallace also asked Mnuchin about the Paycheck Protection Program, the small-business loan fund that ran dry in mid-April and was later found to have awarded loans to major chains such as Ruth’s Chris Steak House and Shake Shack, both of which have since returned the aid.
“I just want to put this in perspective. We launched a brand-new program in an incredibly short period of time. ... The fact that we ran out of money just shows the success of this,” Mnuchin responded, noting that the program has since implemented guidance aimed at keeping more loans from going to national chains.
“I think you’re going to see this move in the right direction, and I think you’re also going to see
(Excerpt) Read more at thehill.com ...
There are so many small businesses being wiped out, many States are saying they will not open for a while. So far we are 27 million people out of work and the States will not be able to handle unemployment this high.
There will be a ripple effect that may take a decade or two to recover.
I hope so but I think it’ll take longer than that. Too many small businesses will not survive the shut down, and too many large business will see reduced demand for their products because a fifth of the workforce is unemployed.
Mid-next year, more likely. Multitudes of businesses are going under permanently and Americans won’t have the resources to patronize those that survive nearly as heavily as before.
But if “experts” are saying it’ll be a slow recovery, expect a white-hot roaring economy by Labor Day.
Small business was the sacrificial lamb for this debocle. The big box stores, government, wall street, banks, etc. are are good to go. The PPP was nothing more than a scheme to make the unemployment numbers look a little better and get the employees paid. Small business is screwed unless they want to go into debt to keep the business operating. THIS WAS A HUGE MISTAKE OF EPIC PROPORTIONS.
I hope this proves true.Many Americans are hurting right now...and if the Rat nominee wins in November 99% of Americans will be hurting even more.
Too many small businesses will not survive the shut down, and too many large business will see reduced demand
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Many large businesses will not survive either. Oh, and hurricane season is on its way.
Going to be a difficult summer.
let’s see: auto manufacturers, airlines, aircraft manufacturers, oil companies - and all related suppliers and support industries - cruise lines, retail, malls, commercial / office real estate all absolutely buried in debt and careening towards bankruptcy.....trucking companies and railroads hurting for sure....22-million unemployed, soon to be 30+ million, no one can pay rents, mortgages, loans, etc., i’m sure banks aren’t worried about any of this.... mile-long food bread lines all over the country. fights & riots when the food runs out. many small businesses will cease to exist...
what planet is this idiot on?
The Dems NEED economic collapse in the summer to get Joe’s replacement in the White House.
Look for trouble.
if the Rat nominee wins in November 99% of Americans will be hurting even more
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If that happens these times are going to look prosperous compared to life under Democrat rule.
I don’t see the travel industry or the aerospace industry coming back anytime soon. Plane and engine cancellations are rabid right now. Maybe the best manufacturing sector in the USA has been decimated for years.
Are folks ready to go to restaurants, hotels, movies, swimming pools, parties, etc. Gosh I hope so, but not seeing it.
Unfortunately, I believe you are correct.
Oh goody! Is that when Birx told Trump we can go back to work?
Do you think that when these businesses open that very few of that 27 million will be going back to work or that many of those business owners/entrepreneurs will just do nothing for the next 10 years?
And it will be “unexpected”!
I expect the word “unexpected” to seen a lot more often than before.
Oh goody! Is that when Birx told Trump we can go back to work?
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Neither Fauci or Birx were elected to anything yet they are effectively controlling the country. Amazing.
Oh well, just two more unelected bureaucrats weilding power I guess. Nothing new in DC really.
I tend to think Munchin is correct. We’re chomping at the bit to shop and live as usual and ignore this terrible hit that this country has taken.
That would fit Fauci’s plan to continue the shutdown until there are no new cases and no deaths from the virus.
The economy will bounce back faster if Trump stops undercutting Republicans like Kemp who are trying to get people back to work
The Democrats will bring this to a close when Republicans start blasting them on other issues. And Trump has plenty of good ones.
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