Stephen Moore discusses why he thinks the U.S. economy needs to be reopened immediately.
Stephen Moore, an economic adviser to President Donald Trump, thinks the U.S. economy needs to be opened back up immediately, despite the very real ongoing health threat from the coronavirus.“Summer is going to be a disaster under any scenario. This disaster will be really brutal.
With 22 million Americans having filed for unemployment claims in the last four weeks as the coronavirus causes sweeping layoffs, the president is eager to get the U.S. economy back into gear. The administration released a plan last week outlining a three-tiered approach to easing social distancing measures.
Most governors across the U.S. — notably in the hard hit coronavirus areas such as New York and New Jersey — remain wary of moving too quickly on any form of economic re-openings. To Moore’s point, that resistance is likely to cause the economic pain to persist for some time. But there is very little alternative given the health risks associated with the coronavirus and lack of adequate testing and a vaccine.
Investors have turned more hopeful of late on the prospects for the economy to reopen sooner rather than later. The Dow Jones Industrial Average and S&P 500 have rallied 22% and 19.3%, respectively, from the March 23 lows. Powered by strong gains in big cap tech names Microsoft, Netflix and Amazon, the Nasdaq Composite has gained 17% from March 23.
Story continuesBrian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.
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