National Economic Council Director Larry Kudlow is a self-described optimist — but he said he cannot “wave the magic wand” and return the country to prepandemic business as usual.
Kudlow has said the economic fallout could last weeks, but on Sunday he hedged when asked why he didn't think the impact would be longer term, as many experts have suggested.
"Listen, I say that weeks — it could be four weeks, it could be eight weeks," Kudlow said on ABC's "This Week." “I say that hopefully and I say that prayerfully, that's what some of the science experts are telling us. I don’t know if they’ll be right."
An estimated 3 million small businesses will need financial help to survive. Last week, more than 3 million Americans filed claims for unemployment. There are more than 124,000 confirmed cases of novel coronavirus in the United States and there have been more than 2,100 deaths, according to a database from Johns Hopkins University.
Kudlow pointed to the $2.2 trillion economic rescue package President Donald Trump signed Friday. The unparalleled package — which Kudlow called “remarkable” and a “tremendous assistance” — includes government payments of up to $1,200 to individuals, loans and tax breaks for businesses, and money for state and local governments as well as the country’s overwhelmed health care system.
“I can't wave the magic wand. I wish I could. I spent all my career being an optimist and trying to promote economic growth,” he said.
Kudlow said he believes the $2.2 trillion package will be enough, even given soaring unemployment numbers.
Direct checks will come out in about two weeks and federal loans to small businesses will be ready for processing Friday, he added.
“Given the infrastructure, that much money, that number of checks?” “This Week” co-anchor Martha Raddatz asked.
“We'll have rapid speed, much faster than has been done in the past with these things,” Kudlow said. “We will get it into people's hands right away.”
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March 29, 2020 at 09:57PM
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