Treasury Secretary Steve Mnuchin on Sunday insisted that COVID-19 fears have not impacted overall consumer spending.
On Fox News Sunday, host Chris Wallace noted that Americans are concerned about their retirement savings after losses in the stock market.
“According to one estimate, the market has lost almost $8 trillion dollars in value,” Wallace noted. “How much further are the markets going to drop?”
“I can’t predict where the market is this week,” Mnuchin replied. “But what I can tell you is people who bought stock after the crash in ’87, people who bought stocks after the financial crisis did really well.”
“But you talk about people who bought after the crash,” Wallace pressed. “But when is after the crash?”
“We can’t ever predict the bottom of the market or the top of the market,” Mnuchin said. “There’s no question there are businesses that will be severely impacted. We are focused on helping those businesses that need liquidity.”
“There’s some businesses that are booming,” the Treasury secretary continued. “I mean, you look at the stores and the people that are buying certain consumer products. What we’ve seen from the credit card data, travel is down extraordinary [sic].”
Mnuchin added: “Almost corresponding is an increase in purchases of food pharmacy goods and supplies.”
Watch the video below from Fox News Sunday.
Trump’s attempt to look tough backfires — and even Republicans seem to see the writing on the wall
From the moment that protests against racist police violence started to spread from Minneapolis to the rest of the country (and the world), after a white police officer named Derek Chauvin killed an unarmed black man named George Floyd in a gruesome incident captured on video, it's been clear that Donald Trump thought this was exactly the Hail Mary he needed to win re-election. Trump has been desperate for a way to distract the country from the soaring death rate of the coronavirus pandemic (now at 108,000 and counting) and the 40 million left unemployed in the resulting economic collapse. He believed that a racist and sadistic backlash against the protesters was just the ticket.
Snapchat curbs Trump for inciting ‘racial violence’ as Facebook looks the other way
Snapchat on Wednesday became the latest social network moving to curb the reach of inflammatory comments by US President Donald Trump, claiming the president has been inciting "racial violence."
The youth-focused social network said it would no longer promote Trump on its Discover platform for recommended content.
"We will not amplify voices who incite racial violence and injustice by giving them free promotion on Discover," a statement from Snapchat said.
The move came days after Twitter took an unprecedented stand by hiding a Trump post it said promoted violence, heating up the White House war with Silicon Valley and social media.
‘Like George W. Bush after 9/11’: Kayleigh McEnany declares Trump Bible photo op a historic moment
White House Press Secretary Kayleigh McEnany on Wednesday defended the use of force against protesters in order to clear way for President Donald Trump's photo op at St. John's Episcopal Church.
At her daily press briefing, McEnany was asked why it was necessary for Trump to walk to the church, where held up a Bible.
McEnany suggested that Trump's photo op had been a historic moment.
"This was a very important moment," she explained. "I would note that through all of time, we've seen presidents and leaders across the world who have had leadership moments and very powerful symbols that were important for a nation to see at any given time, to show a message of resilience and determination."