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Country Risks Economic Damage By Not Lifting Lockdown – Mnuchin

Steve Mnuchin says that not reopening the country from the lockdown could cause ‘permanent economic damage’. On Fox News Sunday, Mnuchin said that the task of reopening should be done in a ‘thoughtful way’. However, he added that not lifting the lockdown could devastate the economy of the country.

While the stock markets are soaring and have recovered the losses made in March, the economy is not doing as well. According to the Bureau of Labor Statistics, the unemployment rate in April touched 14.7%, increasing 10.3 points within a month. Mnuchin’s statement comes at a time when the question of reopening is becoming very controversial.

While Trump is keen on reopening the country, many others are not as excited about the possibility. According to an ABC/IPSOS poll, Democrats are far more likely to avoid the risk of reopening the country from the lockdown. The survey also said two out of three Americans feel that lifting the lockdown in the country is not worth the risk.

Opposition to Country Lockdown

Michigan Governor Whitmer faced protests when she sought the permission of lawmakers in her state to extend her emergency powers. In Texas, the story of a woman being sent to prison for seven days for opening her hair salon has gone viral.

Elon Musk made the news yesterday when he announced that Tesla is filing a lawsuit against Alameda Country. Alameda Country refused to grant Tesla permission to reopen until June 1. This came after California Governor Newsome allowed manufacturing companies to reopen. However, the governor granted some counties the power to stop companies from reopening. Musk also threatened to take Tesla out of California.

The issue of reopening the country from the lockdown is a sensitive one. Recent reports of the White House ignoring CDC guidelines to reopen haven’t helped alleviate doubts about lifting the lockdown either.

(Image Credit – DonkeyHotey from Flicker)

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Amelia David
Amelia has spent her adult life devoted to progressive policies. Her moment of inspiration came in 2011 during the Occupy Wall Street Movement. She has since devoted her writing talents to focus on how the oldest democracy in the world turned into an oligarchy.

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