Treasury Secretary: Can’t Shut Down Economy Again

Treasury Secretary: Can't Shut Down Economy Again

( – Some states are seeing an increase in COVID-19 cases and hospitalizations as they reopen their economies. That caused a fast selloff of stocks on Thursday morning and fears of a second coronavirus wave. 

In an interview Thursday on CNBC, Treasury Secretary Steven Mnuchin said the government could not shut down the economy a second time. He expressed concern that doing so would cause even more damage than the first. However, he acknowledged that in March, the shutdown was prudent since the government had limited knowledge of the virus.

Mnuchin warned that another shutdown wouldn’t just hurt the economy. It would hurt people who need life-saving surgeries and other necessary services important to the well-being of individuals and families. The secretary added that hospital capacity is not an issue, and progress is being made on testing.

Regarding another stimulus, Mnuchin expressed the need to help American workers. Currently, $1.6 trillion of the $2 trillion stimulus package signed at the end of March has been injected into the economy, and another $1 trillion is expected to flow through the middle of July. 

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