Coronavirus: Steven Mnuchin says economy will rebound over the summer

Coronavirus: Steven Mnuchin says economy will rebound over the summer

Treasury Secretary Steven Mnuchin believes the U.S. economy will swiftly "bounce back" from the coronavirus crisis over the summer.

In an interview Sunday with Fox News, the former Goldman Sachs banker said as the nation's small businesses begin to reopen in May and June, the economy will quickly rebound in July, August and September.

"This is not the financial crisis," Mnuchin told Fox News' Chris Wallace. "This is a scenario where we've closed the economy. And we are going to open the economy."

His reentry projection is based on the government's stimulus package which is set to pump trillions of dollars into small businesses and checking accounts for weeks to come. The relief trickled out after millions lost jobs and nonessential businesses were instructed to close shop until further notice because of COVID-19.

Mnuchin pointed toward expanded unemployment benefits that include part-time workers, the Paycheck Protection Program which encourages employers to rehire employees and the $1,200 checks aimed at most taxpayers.

Where's my loan? Chase and other banks shuffled PPP applications, lawsuit says

Treasury Secretary Steven Mnuchin speaks about the coronavirus in the James Brady Briefing Room, March 25, 2020, in Washington.

"We're very sympathetic to the people that are out of work, but there is enhanced unemployment. There's the PPP. There's direct deposits," Mnuchin said. "As businesses begin to open you're going to see (the) demand side of the economy rebound."

His light-switch rebound projection aligns with sentiments shared by President Donald Trump, who said in a recent news briefing that the nation's financial conditions will improve swiftly.

"We’re going to rebuild it. And we’re going to rebuild it better, and it’s going to go faster than people think," Trump said on April 20, during a coronavirus news conference. "I built it once; I’ll build it a second time."

Some states have already begun gradually reopening, with Florida opening beaches and Georgia greenlighting barbershops.

But it remains unclear how quickly Americans will be ready to crowd bars, restaurants and retail stores in the wake of the pandemic. And household spending is limited as more than 26 million people seek unemployment benefits.

A recent Harris Poll found that Americans are wary of getting back to normal too soon.

In fact, 30% of Americans surveyed said they will wait at least four months after the virus spread flattens before going out for dinner, while 44% say it will take that long for them to go to the movies.

Follow Dalvin Brown on Twitter: @Dalvin_Brown.


News Related


Trump’s ‘mission accomplished’ moment is premature and deadly. We have not defeated COVID.

Desperate for crowds and adoration, Trump has put his most fervent supporters at risk of getting a deadly disease. Future historians will be astonished. Read more »

NFLPA president JC Tretter says NFL is putting season, players at risk with its coronavirus approach

NFL Players Association president JC Tretter said Tuesday the NFL is putting the 2020 season at risk with its coronavirus approach, calling on the league to better “prioritize player safety.” “Like many other... Read more »

Brazilian President Jair Bolsonaro says he tested positive for the coronavirus

RIO DE JANEIRO (AP) — Brazil’s President Jair Bolsonaro says he has tested positive for COVID-19 after months of downplaying the virus’ severity. Bolsonaro confirmed the test results while wearing a mask and... Read more »

Venice Film Festival forges ahead amid COVID-19 pandemic with reduced lineup

The show will go on for the Venice Film Festival in September, but with a few modifications due to the COVID-19 pandemic. Organizers said Tuesday that they are pushing forward with plans for... Read more »

Amtrak offers buy-one, get-one promotion on its sleeper trains amid COVID-19 — with a catch

Amtrak wants you to have sweet dreams the next time you travel — so much so that it’s sweetening the deal on its sleeper “roomettes.” The rail service is offering a buy-one-get-one-free discount... Read more »

Florida teen treated with hydroxychloroquine at home before dying of COVID-19, report says

FORT MEYERS, Fla. – The family of a 17-year-old Florida girl who died last month from COVID-19 treated her symptoms at home for nearly a week before taking her to a hospital, a... Read more »

Mookie Betts worried MLB coronavirus testing woes could prevent him from ever playing for Dodgers

During nearly four months away from the game, Mookie Betts said he “stayed away from baseball to keep myself sane.” It’s not hard to understand why. The 2018 American League Most Valuable Player... Read more »

Tom Hanks doesn’t get ‘how common sense has somehow been put into question’ with coronavirus

Read more »

Can Gov. DeSantis force Florida schools to reopen amid the coronavirus pandemic? Some school leaders seem doubtful.

PALM BEACH, Fla. — As concern about the state order spread online, some school leaders said: Not so fast. As Florida educators puzzle over how to start the new academic year, Gov. Ron... Read more »

Texas surpasses 200,000 coronavirus cases after 4th of July holiday weekend

AUSTIN, Texas – Texas reached 200,000 total COVID-19 cases Monday, just 17 days after crossing the 100,000 threshold, a figure that took the state nearly four months to hit. The grim milestone came... Read more »