Treasury Secretary Steve Mnuchin said Thursday that the US economy will not be shut down again, despite continued rising cases and a key model projecting a steep increase this fall.
“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, and not just economic damage, but there are other areas,” Mnuchin told CNBC, calling President Trump’s initial decision “very prudent” but saying “we’ve learned a lot” since then.
Mnuchin noted that over the next month, “over another trillion dollars” will be pumped into the economy.
He also reiterated that the next round of CARES Act funding will focus on industries that are especially impacted, citing hotels, travel, entertainment, and restaurants, and saying it will be “much more targeted.”
“We’re prepared to go back to Congress for more money to support the American worker,” he said.
Mnuchin said he expects the restaurant industry will “come in and now take up a bunch” of remaining Paycheck Protection Program funding after additional flexibility legislation was passed, and said it is an industry “that will need a lot of help – continued help – until we have a vaccine.”