White House economic adviser Larry Kudlow and Treasury Secretary Steve Mnuchin are planning to re-open the U.S. economy. They plan to open within the next four to eight weeks.
Both Kudlow and Mnuchin said the Trump administration wants to re-open within that time frame.
Kudlow told Fox News, “The president would like to reopen the economy as soon as he can and we are planning internally.” He said the virus’s spread is the driving force in determining a timeline.
“I am hoping — as I say, praying — that we’re only a few weeks away from a reopening. We’ll see,” he said.
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Treasury Secretary Steven Mnuchin said Tuesday that President Trump is looking at how to reopen parts of the U.S. economy as the coronavirus pandemic forces an unprecedented shutdown of business throughout the country.
“The president is very much looking at how we can reopen parts of the economy,” Mnuchin told FOX Business’ Maria Bartiromo. “There are parts of the country, like New York, where obviously this is very, very concerning. There are other parts of the country where it’s not.”
Restaurants, bars, hotels, gyms, beauty salons, entertainment venues, and other businesses deemed nonessential have been ordered to close, while 41 states have enacted strict stay-at-home policies, bringing American life to a grinding halt.
Our economy is in free-fall and the unemployment rolls are growing. If it goes on too long, much of it will take years to recover. Not every business can shutter for periods of time. If you look at the small profit margin restaurants operate under as one example, you will understand.
There are positive signs that the virus is flattening. Even Dr. Fauci says, “Everybody who knows me knows that I am very conservative about making projections, but referencing the reduced hospitalizations and intensive care admissions in New York, he said, “those are the kind of good signs that you look for.” He made the comment yesterday during the briefing. “That’s the first thing you see when you start to see the turnaround,” he said.
Dr. Fauci’s use of the IHME charts and listening to WHO appear to have led him to some wrong judgments, but his support of the mitigation isn’t wrong. Overall his conservative projections are better than the reverse. We do, however, need to get the economy going as soon as possible.
The stock market sees the trend in New York as a good sign. It rose 1600 points yesterday and it’s up significantly today at 1:00 p.m.
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