The economy should make a turn for the better during the second half of the year if the United States weather the storm of the coronavirus pandemic, White House senior economic adviser Kevin Hassett told Newsmax TV's Washington correspondent, Emerald Robinson.
"Once we get to the other side, once we get to the other shore, then we should be able to turn the economy back on relatively quickly, and the CBO (Congressional Budget Office) put out a forecast just the other day," Hassett said. "That pretty much agrees with the president's view that we should be able to have a strong second half as long as the virus is under control enough that people can go back to their ordinary lives."
The CBO released a report last week that expects economic activity to increase during the year's third quarter.
"In the third quarter, economic activity is expected to increase, as concerns about the pandemic diminish and state and local governments ease stay-at-home orders, bans on public gatherings, and other measures restraining economic activity," the CBO report read.
Hassett was also asked about the contrast between the soaring stock market, with a Nasdaq that hit nearly 25,000 on Wednesday, to a recording high unemployment rate that has hit the country.
"The fact that the stock market is so high reflects the fact that financial markets think that the recovery is coming soon and that people are going to have jobs to go back to. And so I think that it's a very positive signal about the sort of firms that are employers in the U.S. for workers," Hassett said.
He added: "Retail will come back ... bankruptcy very often is a place where firms get reorganized so that they can function again in a healthy way."
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