Steven Mnuchin predicts economy will rebound by summertime. Steven Mnuchin predicts that the devastation from the Coronavirus will see recovery by summertime as more states begin to relax stay-at-home guidelines and reopen businesses.
“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,” he said on “Fox News Sunday.”
“We are putting an unprecedented amount of fiscal relief into the economy. 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.”
“We’ve never seen anything like this. … This is a scenario where we’ve closed the economy, and we’re going to open the economy so all these models are based upon health assumptions on how quickly we reopen. My own opinion is again we have unprecedented amount of liquidity in the system,” Mnuchin said.
Mnuchin also commented about the small business loan fund that ran out of money nearly 2 weeks ago. President Trump signed a nearly 500 billion dollar Coronavirus relief bill that replenished the loan fund on Friday.
“To me, it’s not a matter of how long it lasts. Actually, I think the sooner the money is dispersed, the better. So the first round impacted about 30 million workers. I think this round will be about the same, that’ll be close to 50 percent of the private workforce,” Mnuchin said. “So I actually hope we run out of money quickly, so we can get the money into the workers’ pockets.”
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