Author Topic: Mnuchin: 'You're going to see the economy really bounce back in July, August, September'  (Read 363 times)

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Offline Right_in_Virginia

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Mnuchin: 'You're going to see the economy really bounce back in July, August, September'
The Hill, Apr 26, 2020

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].”


More:  https://thehill.com/homenews/state-watch/494696-mnuchin-youre-going-to-see-the-economy-really-bounce-back-in-july-august

Offline cato potatoe

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We most certainly have seen pandemics on this scale and far worse.  Only in the days of FDR has the government intervened to such a disastrous extent.  The longer the interventions take place, the greater the chance of this turning into a decade-long depression.  Obama's mistakes were trivial compared to those being made now ... of course, he compounded them with the ACA.