Monday, April 20, 2020

Mnuchin Reveals How Long He Believes It'll Take the Economy to RecoverTreasury Secretary Steven Mnuchin is optimistic about the United States' economy recovering quickly from the harmful effects of the government's response to the Wuhan coronavirus. In an interview with CNN's Jake Tapper on Sunday, Mnuchin said he thinks it'll be months and "definitely not years" before the U.S. economy returns to the strong levels it enjoyed before the current pandemic.

"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," the treasury secretary said reassuringly.

Mnuchin cited developments in the medical community that he believes the economy will respond to favorably over the coming months.

"I know ... not just on the testing but on the medical front, we begin to have virals. I think there're things being developed for vaccines that will take a little longer. But one of the things we heard is people want testing. People will also react very positively if they know, if they get this disease, there will be medical treatments as well," Mnuchin said.

Tapper pressed the secretary, referencing Facebook's decision to cancel events through June 2021 and the Congressional Budget Office saying the coronavirus could affect the unemployment rate through the end of next year.

"We have never been in a situation where we have closed down the economy and I think, rightfully so, people are being cautious," Mnuchin responded. "On the other hand, as we get comfortable reopening the economy, I think we will see a big rebound."

It's almost as if the media has a vested interest in what the economy will look like in November.

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