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Tags: kevin hassett | economy | reopening | relief

Kevin Hassett: Many 'Very Hopeful Signs' Economy Is Rebounding

kevin hassett in the press briefing room wearing a suit and polka dotted blue tie
White House economic adviser Kevin Hassett (Chip Somodevilla/Getty Images)

By    |   Tuesday, 19 May 2020 02:25 PM EDT

There are many "very hopeful signs" that the nation's economy is rebounding, but at this point, the Trump administration is working to make sure existing coronavirus relief programs are being implemented effectively, White House economic adviser Kevin Hassett said Tuesday. 

“If you look at the real-time data that we track, you're seeing a lot of very hopeful signs," Hassett told MSNBC's Andrea Mitchell. "There's this one database we have that's just the percentage of — it’s mostly retail and restaurants — the percentage of businesses open in the U.S. It dropped to about 50% in early April and it’s all the way up as of today to 67%, and so the country is getting back to normal. It's not all the way there yet, but it's getting there.”

Hassett said that about 4 million loans are out to small businesses around the country, and around 140 million checks have been sent out to families, averaging about $3,400 for a family of four. 

"We've been doing things to help build a bridge to the other side and making sure those are implemented well," he said. "Step two is to watch as the economy turns on, assess how quickly things are getting back to normal and think about having a plan for the next steps, so we're not watching and waiting, we're watching and planning."

Mitchell noted that there are many who still have not gotten their unemployment checks from the states, and even Federal Reserve Chairman Jerome Powell is saying more help is needed for people to recover financially. 

Hassett agreed that more assistance will be needed, but at the same time, there is a great deal of money that is stuck on the state level. 

"For smaller communities under 500,000, we mailed cash to the governors and municipalities," said Hassett. "A lot of the governors are sitting on it."

Sandy Fitzgerald

Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics. 

© 2024 Newsmax. All rights reserved.


US
There are many "very hopeful signs" that the nation's economy is rebounding, but at this point, the Trump administration is working to make sure existing coronavirus relief programs are being implemented effectively, White House economic adviser Kevin Hassett said Tuesday....
kevin hassett, economy, reopening, relief
308
2020-25-19
Tuesday, 19 May 2020 02:25 PM
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