- Treasury Secretary Steve Mnuchin said the US can’t shut down its economy again in a Thursday interview with CNBC.
- “I think we’ve learned that if you shut down the economy, you’re going to create more damage,” he said.
- Recently, new cases of COVID-19 in the US have spiked, surpassing 2 million cases as the economy reopens.
- Visit Business Insider’s homepage for more stories.
Treasury Secretary Steve Mnuchin said that another lockdown of the US economy would have a negative effect, even in the event of a second wave of COVID-19 cases.
“We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage,” Mnuchin said during a Thursday interview with CNBC.
That damage goes beyond economic fallout, he said. “Medical problems and everything else that get put on hold,” said Mnuchin. “I think it was very prudent what the president did, but I think we’ve learned a lot.”
Mnuchin’s comments come as fears mount that a second wave of coronavirus cases has emerged since the US began reopening. US stocks slumped on Thursday, reversing recent gains, after the Federal Reserve warned that unemployment is likely to stay elevated for years and the new case count surpassed 2 million.
On Wednesday, Texas reported 2,504 new COVID-19 cases, the highest one-day count since the pandemic began, Bloomberg reported. Florida also reported a staggering 8,553 new cases this week, about one month into the state’s reopening. In California, hospitalizations of new cases are surging as well.
Still, Mnuchin cheered stimulus efforts by Congress and the Federal Reserve. He also said that he’s prepared to ask Congress for more money to boost the US economy if necessary.
“We’re going to get everybody back to work,” he said. “That’s my number one job working with the president, and we’re going to do that.”
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