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

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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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5 COMMENTS

  1. The damage done with the hyperbole of the press will also affect the overall economy, by whether the public feels ‘comfortable’ in participating. The Administration is damaging their own interests by highlighting the shutdown was done to save lives, up to millions. What sane person will go out “knowing” that, refraining from ‘going out’, saved millions and the virus is still with us. It’s a mixed message that has a vast majority of the population still in fear of leaving the house. Unfortunately a hole has been dug that will be nearly impossible to climb out of.

    This is One case where Trump needs to ‘admit’ he was Wrong in “trusting the experts”. It IS a catch-22 and the media will do as they had done with Russia. If he admits it was a mistake then 20% unemployment will be his legacy of failure. If he doesn’t change course the majority of the public will hesitate to engage in public activities. There is still the umbrella of fear Fauci has laid out saying it is inevitable the virus will return later in the year.

    About the only way I can see to circumvent the negative is coming out stating some are questioning the veracity of the models. The President would take the role of spearheading an investigation, with meetings in the White House in full view of the press, and having “experts” in model programming and analysis. Of course there will be controversy and scrutiny of those individuals. It would require the original program of Ferguson to be made public, not the modified version by Microsoft. In fact, the President should call in those who modified that original model. The President would have to begin this because no Committee in the Senate or the House would ever contemplate such action. It would also further the skepticism in other areas of modeling, such as “climate change”. It would be “relying” on “real science” and not pseudo-science.

    • Will Trump pull this one out of the hat after letting the likes of Fauci play to the “enemy of the people”, that calumnious, malicious and malevolent “cabal that is the MSM ??? The main problem is, and has been for over forty years and especially the last four, the reliance that too many people have on the MSM to keep them (mal/mis)informed…and some even consider their garbage/propaganda to be “gospel”. Common sense is dead in that arena, cognition absent and also “memory cells” as they appear to have an attention span shorter than the life of a fruit fly – 24 hours – and are incapable of keeping track of the flip flops and 180’s of the MSM…

  2. The evil lying conniving Socialist Democrats would willingly watch Americans suffer, lose their homes, go hungry, and have their Constitutional rights taken away to further their own twisted agenda. They would willingly destroy our economy and our country to make sure Trump is not re-elected. We can’t let them succeed.

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