White House economic adviser Kevin Hassett on Monday cast doubt on the need for another coronavirus relief package because the economy could have a “strong enough” recovery from the aid that has already been enacted.
“I think it’s possible that we will see a strong enough economy that we don’t need a phase four,” he said, adding that “if the economy continues the momentum that we’re beginning to see over the last couple of weeks of data, then I think one might conclude that the stimulus that we’ve already passed is enough.”
Hassett told CNBC that economic activity is picking up after it “bottomed out about the 11th or 12th of April.”
Hassett said that, since mid-April, data collected by private companies show an increase in foot traffic into public places such as bars and restaurants. “The economy is getting going again,” he said.
Despite the positive economic indicators, Hassett said that the White House is taking a wait-and-see approach on whether another coronavirus relief package might be needed.
“Where the White House is now, we’re in kinda in wait-and-see mode as we watch and see what happens and how quickly does the economy pick up again,” he said.
Since mid-April, states have started to reopen slowly. Roughly a third of the country, 100 million out of 315 million people, can return to public gatherings, according to the Washington Post.
