Mnuchin says coronavirus economic downturn 'isn't like the financial crisis,' predicts 'big rebound'

If the U.S. confronts the coronavirus pandemic properly, Treasury Secretary Steven Mnuchin doesn't believe the current economic downturn will leave a lasting mark, and he anticipates a "big rebound."

"This isn't like the [2008] financial crisis, as I've said, this will have an end to it as we confront the virus," Mnuchin told Fox News' Chris Wallace on Sunday during an interview on Fox News Sunday.

Instead of worrying about the long-term effects, he said the U.S. should focus on providing relief to people and business who need it right now. As he views it, Washington is undergoing a multi-step process to make sure that happens, starting with last week's bipartisan economic relief legislation. Next up, he said, the goal is to help out the struggling travel and hospitality industries.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.

Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.

Sign up

But looking down the road, Mnuchin feels good. "I have every confidence that this market is going to be higher down the road and the U.S. is still the greatest place to invest," he said after Wallace asked him about how much more stocks will likely drop. Read more at The Hill. Tim O'Donnell