WHITE HOUSE CLAIMS ECONOMY ‘REBOUNDING STRONGLY’

The US economy is rebounding “very, very strongly,” and fresh federal aid will reach unemployed Americans in the next week or two, White House economic adviser Larry Kudlow said on Wednesday (Thursday, August 20, 2020 in Manila), shaking off concerns about a second wave of COVID-19 infections.

Kudlow, speaking to reporters at the White House, defended a reduction in the unemployment supplement to $300 from $600, saying stimulus measures should be reduced slowly as the economy strengthens, Mary Calvert reported for Reuters.

“I think the economy is on a self-sustaining recovery and it’s a V-shaped recovery,” he said. “We’re seeing terrific numbers,” Kudlow, a non-economist, added. Asked about concerns that a second wave of coronavirus infections this autumn and winter could derail the recovery, Kudlow said: “The hope is that the decline in cases and fatalities will continue. That’s the great hope.”

He said the number of infections should continue to decline since more Americans were now using face masks, maintaining social distancing and regularly washing their hands. The US Centers for Disease Control and Prevention (CDC) on Wednesday reported 5,460,429 cases of the novel coronavirus in the country, an increase of 39,318 from its previous count, and said the number of deaths had risen by 1,172 to 171,012.