The US economy risks suffering "permanent damage" the longer the lockdown to contain the COVID-19 pandemic drags on, US Treasury Secretary Steven Mnuchin said Tuesday. American families and businesses are feeling the pain amid the nationwide shutdowns, Mnuchin told a Senate committee, but
1 / 2Treasury Secretary Steven Mnuchin, pictured in the US Capitol on May 19, 2020Treasury Secretary Steven Mnuchin, pictured in the US Capitol on May 19, 2020 Washington - The US economy risks suffering"permanent damage" the longer the lockdown to contain the COVID-19 pandemic drags on, US Treasury Secretary Steven Mnuchin said Tuesday.
Government data show more than 30 million jobs have been destroyed by the lockdowns, at least temporarily, even though Congress rushed to approve nearly $3 trillion in relief, including expanded unemployment benefits Powell also has been sounding the alarm about the pandemic's long-term impact both on ability of workers to return to the labor force as well as on small- and medium-sized businesses, which he called"the jobs machine of our great economy."
Story continues"This is the biggest shock we've seen in living memory and the question looms in the air of 'Is it enough?'"
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