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Mnuchin: 'You're going to see the economy really bounce back in July, August, September' | TheHill – The Hill

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Treasury Secretary Steven MnuchinSteven Terner MnuchinSunday shows preview: Leaders weigh in as some states reopen economies; Biden deliberates a running mate US airlines get another .5 billion in federal payroll support IRS announces deadline for SSI, VA recipients to quickly get stimulus payments for children MORE on Sunday predicted the U.S. economy hit hard by the coronavirus pandemic would rebound this summer and early in the fall even as Fox News’s Chris WallaceChristopher (Chris) WallaceTrump says Fox, Chris Wallace ‘on a bad path’ after Pelosi appearance on network Governors push back against White House on protests, testing claims Sunday shows – Talk turns to reopening, protests MORE noted most experts have projected a longer, slower recovery.

“I think as we begin to reopen the economy in May and June you’re going to see the economy really bounce back in July, August, September,” Mnuchin said on “Fox News Sunday.”

“We are putting an unprecedented amount of fiscal relief into the economy,” he added. “You’re seeing trillions of dollars that’s making its way into the economy and I think this is going to have a significant impact.”

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Wallace, however, noted a recent projection from the Congressional Budget Office predicted the economy will contract up to 5.6 percent of the year and that unemployment would peak at 16 percent in the third quarter.

In response, Mnuchin said “we’ve never seen anything like this,” in reference to the pandemic. “We’ve closed the economy and we’re going to open the economy … this is not the financial crisis [of 2008].”

Wallace also asked Mnuchin about the Paycheck Protection Program, the small business loan fund that ran dry in mid-April and was later found to have awarded loans to major chains such as Ruth’s Chris Steak House and Shake Shack, both of which have since returned the aid.

“I just want to put this in perspective, we launched a brand new program in an incredibly short period of time… the fact that we ran out of money just shows the success of this,” Mnuchin responded, noting that the program has since implemented guidance aimed at keeping more loans from going to national chains.

“I think you’re going to see this move in the right direction and I think you’re also going to see the average loan size go down significantly,” he said.

Mnuchin also addressed the possibility of aid to states and cities in future stimulus packages, which was left out of the most recent package, and Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellImmigrants raise alarm over ‘cruel’ exclusion from coronavirus medical aid Sunday shows preview: Leaders weigh in as some states reopen economies; Biden deliberates a running mate Trump campaign pans coronavirus panel as ‘third WITCH HUNT in THREE YEARS’ MORE’s (R-Ky.) comments that states should be allowed to declare bankruptcy.

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The Treasury secretary said further aid to states is “is something we’ll consider, but our focus is on execution.”

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World Economy Risks Buckling Into 2021 Despite Vaccine Nearing – Yahoo Canada Finance

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The Canadian Press

Feds agree to help Biden transition after more Trump defeats

WASHINGTON — After weeks of fraught delay, the federal government recognized President-elect Joe Biden as the “apparent winner” of the Nov. 3 election on Monday and gave the green light for co-operation on a transition of power. The move came after President Donald Trump suffered yet more legal and procedural defeats in his seemingly futile effort to overturn the election with baseless claims of fraud.General Services Administrator Emily Murphy cleared the way for Biden to co-ordinate with federal agencies ahead of his Jan. 20 inauguration after Trump’s efforts to subvert the vote failed across multiple battleground states.Trump, who has still refused to concede the election — and may never — followed up with a tweet that he was directing his team to co-operate on the transition. The president had grown increasingly frustrated with the flailing tactics of his legal team.Murphy, explaining her decision, cited “recent developments involving legal challenges and certifications of election results.”She acted after Michigan on Monday certified Biden’s victory in the battleground state, and a federal judge in Pennsylvania tossed a Trump campaign lawsuit on Saturday seeking to prevent certification in that state.It also comes as an increasing number of Republicans were publicly acknowledging Biden’s victory, after weeks of tolerating Trump’s baseless claims of fraud.“With Michigan’s certifying (its) results, Joe Biden has over 270 electoral college votes,” tweeted Mississippi Sen. Bill Cassidy. “President Trump’s legal team has not presented evidence of the massive fraud which would have had to be present to overturn the election. I voted for President Trump but Joe Biden won.”Yohannes Abraham, executive director of the Biden transition, said in a statement that the decision “is a needed step to begin tackling the challenges facing our nation, including getting the pandemic under control and our economy back on track.”He added: “In the days ahead, transition officials will begin meeting with federal officials to discuss the pandemic response, have a full accounting of our national security interests, and gain complete understanding of the Trump administration’s efforts to hollow out government agencies.”Murphy, a Trump appointee, has faced bipartisan criticism for failing to begin the transition process sooner, preventing Biden’s team from working with career agency officials on plans for his administration. The delay denied Biden access to receive highly classified national security briefings and hindered his team’s ability to begin drawing up its own plans to respond to the raging coronavirus pandemic.Murphy insisted she acted on her own.“Please know that I came to my decision independently, based on the law and available facts. I was never directly or indirectly pressured by any Executive Branch official—including those who work at the White House or GSA—with regard to the substance or timing of my decision,” she wrote in a letter to Biden.Trump tweeted moments after Murphy’s decision: “We will keep up the good fight and I believe we will prevail! Nevertheless, in the best interest of our Country, I am recommending that Emily and her team do what needs to be done with regard to initial protocols, and have told my team to do the same.”Max Stier, president and CEO of the nonpartisan Partnership for Public Service, criticized the delay, but said Biden’s team would be able to overcome it.“Unfortunately, every day lost to the delayed ascertainment was a missed opportunity for the outgoing administration to help President-elect Joe Biden prepare to meet our country’s greatest challenges,” he said. “The good news is that the president-elect and his team are the most prepared and best equipped of any incoming administration in recent memory.”Murphy’s action came just 90 minutes after Michigan election officials on Monday certified Democrat Joe Biden’s 154,000-vote victory in the state. The Board of State Canvassers, which has two Republicans and two Democrats, confirmed the results on a 3-0 vote with one GOP abstention. Trump and his allies had hoped to block the vote to allow time for an audit of ballots in Wayne County, where Trump has claimed without evidence that he was the victim of fraud. Biden crushed the president by more than 330,000 votes there.Under Michigan law, Biden claims all 16 electoral votes. Biden won by 2.8 percentage points — a larger margin than in other states where Trump is contesting the results like Georgia, Arizona, Wisconsin and Pennsylvania.Some Trump allies had expressed hope that state lawmakers could intervene in selecting Republican electors in states that do not certify. That longshot bid is no longer possible in Michigan.“The people of Michigan have spoken. President-elect Biden won the State of Michigan by more than 154,000 votes, and he will be our next president on January 20th,” Michigan Gov. Gretchen Whitmer, a Democrat, said in a statement, saying it’s “time to put this election behind us.”The Trump legal team dismissed the certification as “simply a procedural step” and insisted it would continue to mount legal challenges.Trump’s efforts to stave off the inevitable — formal recognition of his defeat — have faced increasingly stiff resistance from the courts and fellow Republicans with just three weeks to go until the Electoral College meets to certify Biden’s victory. Time and again, Trump’s challenges and baseless allegations of widespread conspiracy and fraud have been met with rejection as states move forward with confirming their results.In Pennsylvania, a conservative Republican judge shot down the Trump campaign’s biggest legal effort in Pennsylvania with a scathing ruling that questioned why he was supposed to disenfranchise 7 million voters with no evidence to back their claims and an inept legal argument at best.But the lawyers still hope to block the state’s certification, quickly appealing to the 3rd U.S. Circuit Court of Appeals in Philadelphia, which ordered lawyers to file a brief Monday but did not agree to hear oral arguments.The campaign, in its filings, asked for urgent consideration so they could challenge the state election results before they are certified next month. If not, they will seek to decertify them, the filings said.Biden won Pennsylvania by more than 80,000 votes.Pennsylvania county election boards were voting on Monday, the state deadline, about whether to certify election results to the Department of State. The boards in two populous counties split along party lines, with majority Democrats in both places voting to certify. After all counties have sent certified results to Secretary of State Kathy Boockvar, she must then tabulate, compute and canvass votes for all races. The law requires her to perform that task quickly but does not set a specific deadline.In Wisconsin, a recount in the state’s two largest liberal counties moved into its fourth day at a slow pace, with election officials in Milwaukee County complaining that Trump observers were hanging up the process with frequent challenges. Trump’s hope of reversing Biden’s victory there depends on disqualifying thousands of absentee ballots — including the in-person absentee ballot cast by one of Trump’s own campaign attorneys in Dane County.___Associated Press Writers Maryclaire Dale in Philadelphia, Jonathan Lemire in New York, Mark Scolforo in Harrisburg, Pa., Christina A. Cassidy in Atlanta and John Flesher in Traverse City, Mich. contributed to this report.Zeke Miller, David Eggert And Colleen Long, The Associated Press

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Can't solve economy issue without solving COVID-19, says professor – KitchenerToday.com

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It’s a classic case of trying not to put the cart before the horse.

There’s no doubt the economic disaster is caused by the COVID-19 pandemic, but an associate political science professor at Brock University indicates you can’t solve the economic crisis without dealing with the health crisis first.

“You can’t have a strong functioning economy if you’ve got the disease running rampant in the community, it just can’t happen,” Blayne Haggart told The Mike Farwell Show on 570 NEWS.

He said economists have been clear on the issue from the beginning, advocating for financial support on the health side and figuring out later how to pay for it.

Haggart said overall, while we started off the pandemic well and saw numbers begin to drop, not enough was done to prepare for fall and winter, such as adequate investments in contact tracing and testing.

He said when it comes down to it, just the mere presence of the virus is causing the economic problem, not the restrictions related to it.

“People are not going to go into shops (as per usual), even if there’s no government intervention, because people don’t want to die,” Haggart added.

“Some people will, but a lot won’t, so businesses are going continue to be depressed up until the moment where the disease finally hits a breaking point, where we’ve got to basically close things down, or everybody gets sick.”

“That’s the kind of roller coaster that we’re on, and the key is to get off it.  The longer you wait, though, the more costlier it is to get off the roller coaster.”

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Reimagining the global economy for a post-COVID-19 world – Brookings Institution

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When the COVID-19 pandemic sent the global economy into a deep recession, it exposed structural weaknesses in economic institutions and highlighted the need for reform. The challenges countries face today are daunting, but this moment should be recognized as an opportunity to build back more sustainable and inclusive economies. David Dollar is joined by three Brookings experts—Eswar Prasad, Marcela Escobari, and Zia Qureshi—to discuss their forward-looking policy proposals for a post-COVID-19 world.

Prasad, Escobari, Qureshi, and Dollar are all contributors to a new report, “Reimagining the global economy: Building back better in a post-COVID-19 world.

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The international monetary and financial system: How to fit it for purpose?

Dislocation of labor markets: What policies to mitigate the shock?

Tackling the inequality pandemic: Is there a cure?

The future of global supply chains: What are the implications for international trade?

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