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Treasury Secretary Warns of ‘Permanent Economic Damage’ if US Doesn’t Reopen

Economic Damage

Treasury Secretary Steven Mnuchin said on May 10 that reopening the economy must be done in a strategic way, but he stressed that “permanent economic damage” might be done if lockdown measures aren’t lifted.

“I think there’s a considerable risk of not reopening. You’re talking about what would be permanent economic damage to the American public,” he said on “Fox News Sunday.”

 

“We’re going to reopen in a very thoughtful way that gets people back to work safely, that has them social distance,” Mnuchin said. “People will be able to go into stores.”

Over the past several weeks, amid mounting job losses and a high unemployment rate, there’s been a push to reopen some businesses that were shuttered to curb the CCP virus pandemic.

On May 8, the Labor Department issued a jobs report that found that nearly 15 percent of people are unemployed, while at least 20 million have filed for unemployment insurance over the past eight weeks or so.

“These are not large numbers because the economy isn’t doing well. These are large numbers because we’ve shut down the economy,” Mnuchin said.

Mnuchin said there could be a 25 percent unemployment rate...

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