{"id":11227,"date":"2020-05-20T07:46:24","date_gmt":"2020-05-20T04:46:24","guid":{"rendered":"https:\/\/vastuullisuusuutiset.fi\/?p=11227"},"modified":"2020-05-19T23:47:10","modified_gmt":"2020-05-19T20:47:10","slug":"us-economy-risks-permanent-damage-from-long-lockdowns-mnuchin-warns","status":"publish","type":"post","link":"https:\/\/vastuullisuusuutiset.fi\/fi\/csr-news-en\/us-economy-risks-permanent-damage-from-long-lockdowns-mnuchin-warns\/","title":{"rendered":"US economy risks ’permanent damage’ from long lockdowns, Mnuchin warns"},"content":{"rendered":"

The US economy risks \u201cpermanent damage\u201d if coronavirus lockdowns continue for months, the treasury secretary Steve Mnuchin has warned Congress. Mnuchin\u2019s comments came in a joint appearance before the Senate banking committee with Jerome Powell, the chairman of the Federal Reserve. Appearing via video link, the pair offered a stark assessment of the fragile state of the economy and warned of worse to come.<\/p>\n

Congress has already approved a near $3tn package of measures aimed at reducing the impact of a crisis that has already led to an unprecedented surge in job losses, and which threatens to push unemployment up to heights unseen since the 1930s Depression. The Fed has cut interest rates to zero and launched nine lending programs to support businesses, cities, states and financial markets.<\/p>\n

In recent weeks, the Trump administration has tried to move the debate from containment to the need to reopen the economy. The move has been criticized by epidemiologists and other experts who remain concerned the coronavirus is not yet under control. Democratic senator Sherrod Brown pressed Mnuchin on the White House\u2019s push to rapidly reopen parts of the economy. \u201cHow many workers should give their lives to increase our [gross domestic product] by half a percent?\u201d Brown asked Mnuchin. Mnuchin replied: \u201cNo workers should give their lives to do that, Mr Senator, and I think your characterization is unfair.\u201d<\/p>\n

Mnuchin and Powell said economic data from states that are beginning to reopen will be key to determining the next steps in the federal response. Powell said: \u201cWe\u2019re going to see here fairly quickly how the opening goes. It\u2019s very hard to know. We\u2019re going to be getting a lot of information fairly quickly in terms of what might be needed.\u201d Brown said he wanted to know \u201cnot about what you\u2019re doing for big banks or big corporations, and how you expect that money to trickle down, but how you\u2019re making sure the money and authority Congress gave you actually help the people who make this country work?\u201d Mnuchin acknowledged the \u201cunprecedented challenges the American people are experiencing\u201d and defended the administration\u2019s record.<\/p>\n

Source: The Guardian\u00a0<\/a><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

The US economy risks \u201cpermanent damage\u201d if coronavirus lockdowns continue for months, the treasury secretary Steve Mnuchin has warned Congress. Mnuchin\u2019s comments came in a…<\/p>\n","protected":false},"author":4,"featured_media":6000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":null,"_FSMCFIC_featured_image_hide":null,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[32],"tags":[272,410,2711,528],"class_list":["post-11227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-csr-news-en","tag-economy","tag-lockdown","tag-long","tag-us","wpcat-32-id"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/vastuullisuusuutiset.fi\/wp-content\/uploads\/2020\/04\/usa_lippu-1.jpg?fit=100%2C100&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/posts\/11227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/comments?post=11227"}],"version-history":[{"count":1,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/posts\/11227\/revisions"}],"predecessor-version":[{"id":11229,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/posts\/11227\/revisions\/11229"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/media\/6000"}],"wp:attachment":[{"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/media?parent=11227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/categories?post=11227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vastuullisuusuutiset.fi\/fi\/wp-json\/wp\/v2\/tags?post=11227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}