Finance Minister Mnuchin predicts that the situation will soon improve
Seven weeks before the US presidential election, Donald Trump’s administration and the headquarters of Democratic presidential candidate Joe Biden argue over the state of the American economy.
Treasury Secretary Stephen Mnuchin said the decline in unemployment to 8.4 percent in August and the creation of 1.4 million new jobs signal the recovery of the economy hit by the coronavirus pandemic.
“We will have phenomenal GDP in the third quarter,” Mnuchin said, speaking Sunday on Fox News..
At the same time, he acknowledged that the American economy needs at least 7.5 million more new jobs to return to the March situation, when the unemployment rate was at a record low in 50 years – 3.5 percent..
Millions of people are out of work, while employers are constantly cutting jobs. More than 50 million people have received unemployment benefits at least once since the beginning of this year.
“The American economy is recovering,” Mnuchin said, noting that President Trump “is going to bring it back.”.
“The economy will continue to recover and we will not leave until everyone is back to work,” he said..
Senator Kamala Harris, whom Biden selected as vice presidential candidate, called Trump “a failure and incompetent man” in managing the economy during the pandemic.
She told CNN that Trump evaluates the state of the economy “based on how the rich are doing.”.
“One in five mothers says her children under 12 are starving,” she said..
Mnuchin said the Republican-controlled Senate will try to approve a cost-effective targeted coronavirus aid package in the coming days, in addition to the $ 3 trillion aid sanctioned by Congress and Trump earlier this year..
Republican and Democratic Lawmakers Failed to Agree on Broader New Aid Package. Disagreements, in particular, related to the amount of additional unemployment benefits and the duration of their payments.
Until the end of July, the federal government paid the unemployed $ 600 a week, in addition to less generous state benefits.. Trump signed a decree urging states to continue payments – already in the amount of $ 400 a week, but the state authorities were in no hurry to pay the reduced benefits, and some states did not agree to do it at all.
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