Economist Stephen Moore believes the nation's coronavirus-crippled economy “may have turned a corner” this week.
In an interview aired Sunday with radio show host John Catsimatidis on"The Cat's Roundtable," and excerpted ahead of the show by The Hill, Moore speculated states in the West and Midwest would be first to emerge from lockdowns.
“Things look like we may have turned the corner,” Moore said.
“States should lead the way. One state can learn from another. I think you are going to see … an opening of the Western and Midwestern states. I think the East Coast states are going to be a little slower.”
President Donald Trump has already announced federal guidelines for reopening the economy, though individual states will decide when that is feasible.
He said when Americans get back to work, the economy will rejuvenate.
“Things are really looking brighter now .… In a month’s time we could really see the American economy up and running again,” Moore said.
“If we don’t do something soon, we are going to see 80% of our domestic oil production …shut down,” Moore said. “That’s an industry that employs 5 million Americans.“
U.S. crude oil prices slipped to a new 18-year low on Friday, ending the week on a decline.
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