US risks ‘permanent damage’ from extended shutdown: Mnuchin

first_imgThe US economy risks suffering “permanent damage” the longer the lockdown to contain the COVID-19 pandemic drags on, US Treasury Secretary Steven Mnuchin said Tuesday.American families and businesses are feeling the pain amid the nationwide shutdowns, Mnuchin told a Senate committee, but reopening the economy will need to be done with caution.With the US death tally now over 90,000, some states have begun to reopen after two months of widespread closures, but the fear is many businesses may not survive. Government data show more than 30 million jobs have been destroyed by the lockdowns, at least temporarily, even though Congress rushed to approve nearly $3 trillion in relief, including expanded unemployment benefits “If a lockdown and shutdown continues indefinitely … there is the risk of permanent damage,” Mnuchin said, adding that “we’re conscious of the health issues” involved with reopening “and we want to do this in a balanced and safe way.”He appeared remotely before the Senate Banking Committee in an unusual joint appearance with Federal Reserve Chair Jerome Powell to review how officials are using the over $2 trillion CARES act that Congress approved in late March.Powell also has been sounding the alarm about the pandemic’s long-term impact both on ability of workers to return to the labor force as well as on small- and medium-sized businesses, which he called “the jobs machine of our great economy.” Is it enough? While the steps taken so far were quick and massive — including slashing the benchmark interest rate to zero and pumping trillions of dollars into the financial system — the Fed chief in recent days has repeatedly suggested that more will be needed.”This is the biggest shock we’ve seen in living memory and the question looms in the air of ‘Is it enough?'”Powell was careful not to stray into recommending more spending — the purview of Congress —  but he noted, “We’re going to be getting a lot of information fairly quickly here, in terms of what may be needed” as businesses reopen.Some lawmakers have complained that aid programs have been drained mostly by large corporations rather than the small businesses they were intended to help.Mnuchin said the government is willing to take risks with the funds it has put up to help the economy withstand the unprecedented hit from the coronavirus pandemic.Democrats in the House of Representatives have approved another $3 trillion aid program, but Republicans senators argue more time should be given for existing relief measures to make their way through the economy.Asked if the administration would favor a middle class tax cut, the Treasury secretary said, “I think that is something that should be seriously considered.” Topics : The pandemic erased all the jobs created in the previous 10 years, making “the scope and speed of this downturn … without modern precedent.””If we allow unnecessary, avoidable insolvencies, because of effectively a natural disaster, that too, will destroy the work of many families and generations. It’ll weigh on the economy,” Powell said. last_img read more

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Thomas Partey’s Ghana teammate supports Arsenal transfer

first_imgThomas Partey’s Ghana teammate supports Arsenal transfer Metro Sport ReporterTuesday 12 May 2020 1:55 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link751Shares Thomas Partey has a €50 million release clause in his deal with Atletico Madrid (Getty Images)‘Atletico Madrid is a very good club so he is playing one of the biggest clubs in the world and Arsenal are also one of the biggest,’ Nuhu told TV3 on Instagram.‘For me, it is his decision because playing for Atletico Madrid is the same as playing for Arsenal.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘The two teams always make the same category in the league, fighting for the third and fourth place to play in Champions League.‘But as we all know the Premier League is the best league in the world so if he joins Arsenal I will be happy for him.’Follow Metro Sport across our social channels, on Facebook, Twitter and Instagram. For more stories like this, check our sport page. Thomas Partey has been linked with a move to Arsenal this summer (Getty Images)Thomas Partey’s close friend and teammate with Ghana, Kasim Nuhu, has backed the midfielder to join Arsenal from Atletico Madrid.The Gunners have been linked with a move for the 26-year-old, whose father claimed last month that Mikel Arteta’s side have made an approach.Partey has a €50 million (£47m) release clause in his current deal with Atletico, while reports have claimed that Liverpool are also interested in a move.Arsenal, meanwhile, could struggle to secure a place in next season’s Champions League when the current campaign resumes as Arteta’s side are currently sit eight points behind fourth-placed Chelsea.AdvertisementAdvertisementADVERTISEMENTBut Nuhu, who has played alongside Partey for Ghana, says he would be happy for his friend to join the Gunners. Comment Advertisement Advertisementlast_img read more

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Chelsea target Leicester City goalkeeper Schmeichel

first_img “Frank Lampard is concerned about the form of Kepa Arrizabalaga, and although there’s very little interest from other clubs about buying the player, it seems likely he’ll have to stay. read also:Leicester keeper Schmeichel defends under-fire De Gea “He would like very much to give himself an option at least, if not a new number one with regards to the season starting on September 12th. “Kasper Schmeichel would be a ready-made replacement for Kepa, at the moment there doesn’t seem to be many alternatives – though they’ve been linked with Nick Pope as well.” FacebookTwitterWhatsAppEmail分享 Promoted ContentSuper Recognizable Outfits That Actors Wore In The Famous Movies5 Of The World’s Most Unique Theme ParksTruly Mysterious Things That Have Happened On Chinese SoilA Guy Turns Gray Walls And Simple Bricks Into Works Of ArtBest & Worst Celebrity Endorsed Games Ever MadeHere Are The Top 10 Tiniest Mobile Phones On The Planet!8 Addictive And Fun Coffee FactsA Hurricane Can Be As Powerful As 10 Atomic BombsWho Is The Most Powerful Woman On Earth?8 Ways Drones Will Automate Our FutureThe Highest Paid Football Players In The WorldLittle Georgie Henley Has Grown Into A Beautiful Swan! Loading… center_img Chelsea have “expressed an interest” in Kasper Schmeichel. The Leicester City No.1 has already been linked with a summer move to Manchester United. And transfer expert Ian McGarry claims Chelsea boss Frank Lampard wants Schmeichel to replace Kepa Arrizabalaga as the No.1 at Stamford Bridge. “Chelsea have also expressed an interest in Kasper Schmeichel,” he said on the Transfer Window Podcast.Advertisementlast_img read more

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