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Kudlow Predicts 'Big Reopening' of Economy as Virus Fight Enters 'Home Stretch'

Kudlow Predicts 'Big Reopening' of Economy as Virus Fight Enters 'Home Stretch'

By    |   Wednesday, 13 May 2020 02:18 PM

White House economic adviser Larry Kudlow predicts a “big reopening” for the economy as the current stage in the battle against the coronavirus pandemic enters the “home stretch.”

The veteran financial guru and former Ronald Reagan adviser said public safety goes “hand in hand” with economic growth.

“I believe [we] will do both,” Kudlow told radio host Hugh Hewitt in a recent interview.

“I think the president has been right to adopt the mitigation measures he had. I think the shutdown[s] did help bring the virus to heel,” said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.

“I think we’re coming down the home stretch on this, and I think we’re going to see [a] big reopening,” said Kudlow, who served as the Trump campaign's senior economic adviser.

Kudlow said 2021 could be a “very, very” good year for the economy.

“We’ve gone [through] the rescue phase. We did what we had to do,” Mr. Kudlow said. “Now it’s time to turn back to tax cuts and regulatory relief and things of that sort which made this economy so strong in recent years, including the first couple of months of this year.”

However, not everyone is as optimistic.

Meanwhile, the head of the Federal Reserve warned on Wednesday of an "extended period" of weak economic growth, vowed to use the U.S. central bank's power as needed, and called for additional fiscal spending to stem the fallout from the coronavirus pandemic.

Fed Chair Jerome Powell issued his sober review of an economy slammed by a record pace of job losses and bracing for worse ahead as most U.S. states moved toward reopening after weeks of shutdowns aimed at slowing the spread of the novel coronavirus, Reuters reported.

The pandemic has killed more than 82,000 people in the United States so far, and many epidemiological models now point to a death toll that will surpass 100,000 in a matter of weeks.

Powell pointed to uncertainty over how well future outbreaks of the virus can be controlled and how quickly a vaccine or therapy can be developed, and said policymakers needed to be ready address "a range" of possible outcomes.

"It will take some time to get back to where we were," Powell said in a webcast interview with Adam Posen, the director of the Peterson Institute for International Economics. "There is a sense, growing sense I think, that the recovery may come more slowly than we would like. But it will come, and that may mean that it's necessary for us to do more."

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White House economic adviser Larry Kudlow predicts a “big reopening” for the economy as the current stage in the battle against the coronavirus pandemic enters the “home stretch.”
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2020-18-13
Wednesday, 13 May 2020 02:18 PM
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