Mnuchin Warns of ‘Permanent Damage’ to Economy

Treasury Secretary Steven Mnuchin warned senators that the economy may never fully recover if states extend their shutdowns for months, the New York Times reports.

Said Mnuchin: “There is the risk of permanent damage.”

However, Federal Reserve chairman Jerome Powell suggested that “simply reopening states without a vaccine or a sense that the virus will not resurface is unlikely to provide an immediate economic boost.”