‘We Can’t Shut Down Economy Again’ Says US Treasury Secretary

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In Brief
  • Treasury Secretary Mnuchin says additional shutdowns are impossible.

  • Mnuchin also stated that collateral damage has been too great already.

  • Further stimulus packages are at the discretion of a widely-divided congress.

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US Treasury Secretary Steven Mnuchin made it clear that additional shutdowns due to COVID-19 are impossible. The remarks were made to Jim Cramer on CNBC on Thursday.

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Mnuchin was responding to concerns that a new outbreak of COVID-19 could cause a new wave of lockdowns. However, per the Secretary, those in charge have learned that the collateral damage is too great. He said:

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.

Instead, Mnuchin said that his job at the moment is to get everyone working again. He also stated that the massive stimulus packages that have already been passed should produce the desired results.

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The division over how to respond has been largely along party lines, with Democrats suggesting new packages, and Republicans adopting a more measured approach.

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With a background in science and writing, Jon's cryptophile days started in 2011 when he first heard about Bitcoin. Since then he's been learning, investing, and writing about cryptocurrencies and blockchain technology for some of the biggest publications and ICOs in the industry. After a brief stint in India, he and his family live in southern CA.

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