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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
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
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
Indie film's 'very brief' use of AI sparks backlash and calls for boycotts
Talking Points Did the creators of a new horror movie make a deal with the artificial intelligence devil?
By Rafi Schwartz, The Week US Published
-
Could Taylor Swift swing the election?
Today's Big Question The pop star has outsized influence — and that extends beyond the music industry
By Anya Jaremko-Greenwold Published
-
Kevin Hart awarded Mark Twain Prize
Speed Read He is the 25th recipient of the prestigious comedy prize
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published
-
Nvidia sees historic stock rise on AI chips success
Speed Read U.S. chipmaker Nvidia achieved the biggest one-day increase in value of any company in history
By Peter Weber, The Week US Published
-
New York may seize Trump's assets for $450M penalty
Speed Read The former president likely owes $600 million from two civil judgments in New York
By Peter Weber, The Week US Published