It may not take the economy long to bounce back after the coronavirus outbreak subsides, according to Treasury Secretary Steven Mnuchin.
“I think it will be months. I definitely don’t think it will be years, we are going to conquer this virus. We are going to have terrific breakthroughs,” Mnuchin said.
Mnuchin is hopeful there will be breakthroughs on both the testing and medical side of things. He reported the development of vaccines is something that will take a little longer.
Watch his comments below:
Treasury Secretary Steven Mnuchin on an economic rebound: "I think it will be months, I definitely don't think it will be years. We are going to conquer this virus, we are going to have terrific breakthroughs" #CNNSOTU pic.twitter.com/OuNv53kY7f— State of the Union (@CNNSotu) April 19, 2020
CNN’s Jake Tapper asked Mnuchin if it is possible the coronavirus will have an impact on the nation past this year and into the next.
Mnuchin conceded it is an unprecedented time but said there is still hope.
“We’ve never been in a situation where we’ve closed down the economy and I think, rightfully so, people are being cautious,” Mnuchin said. “On the other hand, as we get comfortable reopening the economy, I think we’ll see a big rebound.”
He offered his sympathy to Americans affected by the coronavirus and offered encouragement.
“I do think we’re all working very closely together and we’re going to get through this,” Mnuchin said.
Mnuchin is echoing his original sentiment the economy will come roaring back, as IJR previously reported.
The guidelines will allow states to open on a phase by phase basis.
The first phase allows for some businesses to open including gyms and theaters if they are able to practice social distancing guidelines.
The second permits non-essential travel to resume as well as the reopening of schools, daycare centers, and bars.
In the third and final phase, businesses can return to normal staffing levels.