(CNN)Treasury Secretary Steve Mnuchin said Thursday that the US economy will not be shut down again, despite a continued rise in coronavirus cases — more than 2 million in the US — and a key model projecting a steep increase this fall.
“We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage, and not just economic damage, but there are other areas,” he said during an appearance on CNBC, calling President Donald Trump’s initial decision “very prudent” but saying “we’ve learned a lot” since then.
His comments come as states and territories begin the process of phased reopening and the US passed 2 million confirmed cases. And a key coronavirus model from the Institute for Health Metrics and Evaluation at the University of Washington is now forecasting a steep rise in daily deaths forecast in the fall. US stocks tumbled on the news Thursday.