Mnuchin warns of dire circumstances if we don’t open back up

We flattened the curve. In fact, we crushed the curve, and not it’s time to open back up.

Unemployment of 25%

Treasury Secretary Steve Mnuchin said Sunday the unemployment numbers are expected to get much worse. He sees them rising to 25%.

Actual U.S. unemployment “could be” close to Great Depression levels at 25 percent, Mnuchin said.

“Unlike the Great Depression where you had economic issues that led to this, we closed down the economy,” Mnuchin said on “Fox News Sunday.” “The reported numbers are probably going to get worse before they get better. That’s why we’re focused on rebuilding this economy.”

Permanent Economic Damage

He warned of “permanent economic damage” if the country doesn’t reopen.

It was only supposed to be closed until we flattened the curve to keep hospital admissions within reason.

He said reopening must be done in a “thoughtful way” but that not lifting lockdown measures could lead to “permanent economic damage.”

“I think there’s a considerable risk of not reopening. You’re talking about what would be permanent economic damage to the American public,” he told Chris Wallace on “Fox News Sunday.”

“We’re going to reopen in a very thoughtful way that gets people back to work safely, that has them social distance,” Mnuchin said, adding that under such a scenario, “people will be able to go into stores” and “some of them will have reservations.”

Mnuchin also said he remained optimistic on potential supply chain issues, telling Wallace, “I see the glass as half full and not half empty. … Yes, there are issues, but we’re working through those issues. The task force is working through those issues when we see them. The task force is figuring out how to fix them.”

No Bailouts for Poorly Managed Cities

He’s also going to bail out only as necessary and he’s not interested in bailing out poorly-run states.

The Treasury secretary also echoed Trump on state aid, saying: “We’ve been very clear that we’re not going to do this just to bail out states that are poorly managed.”

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