Houston Chronicle/Washington Post: White House now predict swift economic recovery, despite warnings that major problems could persist
WASHINGTON - White House officials are increasingly predicting a swift economic recovery as they break off talks with Congress on additional federal stimulus, expressing optimism that the "reopening" of states will reverse the economic damage caused by the coronavirus.
President Donald Trump and his senior advisers, encouraged by the relative strength of the stock market and some indicators like credit card receipts, have in recent days expressed confidence the U.S. economy will roar back to life in the second half of this year despite staggering increases in unemployment and small business closures.
"It almost feels like today is the first day," Trump said during a White House meeting on Monday. "People are starting to go out. They're opening. They get it."
The White House's rosy view of the U.S. economy's trajectory clashes with the dire predictions of many mainstream economists, as well as Federal Reserve Chair Jerome Powell, who is set to testify before the Senate Banking Committee on Tuesday alongside Treasury Secretary Steven Mnuchin.
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WNU Editor: It all depends on what stage will the Covid-19 coronavirus will be at in the coming months. If the pandemic dies off this summer, I can see the economy accelerating quickly. But if we get sporadic outbreaks, and a second wave in the fall, there is definitely going to be no economic revival.
