Treasury Secretary Predicts It Will Take Months Not Years for an Economic Rebound

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:

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.

His comments come shortly after President Donald Trump unveiled new guidelines to reopen the economy, 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.

Responses

  1. Why does Trump get all the credit for turning around a bad economy. When Obama was elected the Dow Jones was at 8,406. When he left office the market was 17,590. When you look at a chart from when Obama started thru Trump’s time,the line is on almost the same trajectory? But Trumpy gets all the credit. Oh and by the way while Bush was in office the market lost 7,293 points. So please stop giving Trump all the credit, he has a double jointed elbo so he can and does pat himself on the back. Just sayin. All Trump gives a shit about is the economy and not the people of this country. Watch the rise in Covid-19 cases in Florida after numb nuts opened up the beaches, shame on him.

  2. Loree, “Coronavirus aside,”!!!!! Trump’s response to the virus IS THE POINT—We are talking life and death and you consider it an aside???? EVERYONE has accepted Hillary lost, including Hillary who conceded the election in the early hours of Nov 5, 2016 and attended the inauguration of Trump.
    Are you saying that if any other POTUS was as slow at reacting to a pandemic that you would call it an aside??? If the death total for H1N1 was over 40,000 would you claim we were pushing for Obama to take it seriously because we could not accept that Romney LOST??? H1N1 deaths that Trumpers touted on social media in February totaled 12,469 in the U.S. from April, 2009 to April, 2010. COVID-19 deaths are already over 40,000!!
    Please explain your assertion that Trump won because of “Narrow minded people like [John]. In a sane world, would you have voted for a candidate with Trump’s record of fines for every aspect of business he entered? Would you have voted for a candidate that publicly claimed he did not prepare for the office he was seeking? Would you have voted for a candidate with 24 accusations of sexual harassment/assault? Would you have voted for a candidate heard on the Access Hollywood tape bragging of grabbing women by the pussy? Would you have voted for a candidate with TWO class action lawsuits filed against him for FRAUD? History will be asking WHY people voted for Trump, and the answer is “narrow minded people”????

  3. Most haven’t noticed that the Stock Market has rebounded again already. That’s because while the MSM was so quick to point out that the market had the worst week in history at the beginning of the outbreak, they deliberately failed to report the best week in 45 years two weeks ago. The Democrat’s lackeys broadcast biased news on a daily basis to influence Americans before the election. Shameful behavior.

  4. John has been using the thesaurus again. He can’t think for himself. Can’t wait for him to be on his knees, screaming at the sky again. 4 more years!!

  5. LOL, john. Narrow minded people like you are the reason Donald Trump was elected President. Coronavirus aside, like him or not, he’s done a remarkable job of turning our economy around, bringing manufacturing back to the US, giving us employment numbers we haven’t seen in decades and renegotiating asinine treaties that favored every other country but our own… and that’s just for starters… but again, narrow minded people like you just can’t accept that Hillary lost and President Trump has been doing a great job

  6. Apologists, enablers, and supporters of love THE TYRANT TODDLER because he is arrogant, cruel, delusional, evil, incompetent, lazy, self absorbed, sloppy, and stupid. Just like them.

  7. As long as President Trump is at the helm, this Nation will snap back past the previous records for employment, industry and commerce. Look for the NYSE to grow beyond 30,000 before Election Day. Just gotta know Trump will do what is best for the U.S. as he has since 1/2017 despite the naysayers manufactured, baseless propaganda.

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