As states begin to reopen and protests continue throughout the country, 19 states are reporting an increase in the number of coronavirus cases.
The increase in cases spooked investors on Thursday morning, as the Dow Jones Industrial Average plunged nearly 900 points after the opening bell over fears that the country could see another round of coronavirus shutdowns.
But Treasury Secretary Steven Mnuchin says that the economy will not shut down again even if there is a resurgence of the virus.
During an interview on CNBC on Thursday morning, Mnuchin said, “We can’t shut down the economy again.”
He continued, “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 the are other areas, and we’ve talked about this of medical problems and everything else that get put on hold.”
Mnuchin said he believes the initial shut down was “very prudent” but emphasized that “we learned a lot” over the past few months and added that “we’ll deal with this in the appropriate way.”
He explained, “Contract tracing is getting much better; the technology is getting much better.”
Ultimately, Mnuchin said it is likely that there will be outbreaks of the coronavirus, but the country is in a better situation to get those outbreaks under control.
Watch the video below:
“We can’t shut down the economy again.” Treasury Sec. Mnuchin says shutting down the economy would “create more damage.” https://t.co/ygjFTeBAAY pic.twitter.com/lBNKV8HuFx
— CNBC (@CNBC) June 11, 2020
President Donald Trump previously stated that he does not want the country to shut down again.
Speaking to reporters last month, Trump said, “We are going to put out the fires. We’re not going to close the country.”
He added, “We can put out the fires. Whether it is an ember or a flame, we are going to put it out. But we are not closing our country.”
While Trump and Mnuchin say the economy cannot shut down again, Dr. Deborah Birx emphasized that the coronavirus outbreak and the response to it are unprecedented and it is “difficult to tell” if the country will have to shut down again.
