According to the Vice President, economic indicators will return to previous levels as soon as the US manages to overcome the COVID-19 outbreak.
Vice President Mike Pence believes that the foundations of the American economy remain strong, despite the coronavirus pandemic, which shocked markets and led to unprecedented layoffs of millions of people.
“Even though the stock market has started to weaken, and there have been dramatic developments there this week, President Trump and our entire economic team believe that all the fundamentals of the economy remain strong,” Pence said in an interview with CNBC. “And as soon as we deal with the coronavirus, this economy will return when our country goes through this difficult time.”
Pence suggested that the likely spread of the coronavirus will be less dangerous than previously predicted, clarifying that previous models of the epidemic “are currently considered incorrect.” Referring to data that has become available in recent days, the Vice President said that the extent of the virus “was significantly lower than in many early forecasts.”
Mike Pence, who heads the White House working group on resolving the crisis related to the coronavirus pandemic, added that the administration is going to ease the quarantine regime in areas of the country where the coronavirus outbreak was small.
However, Vice President clarified that his recommendations to Donald Trump on this issue will be based on incoming data.
Earlier this week, the President said that he hopes to ease the quarantine in some areas of the US by April 12, when Catholics and Protestants will celebrate Easter. Pence called the deadline “shaky,” thus agreeing with public health officials who are part of the White House working group on responding to the coronavirus pandemic.