Kudlow says Trump wants US economy to reopen 'as rapidly as possible' but in a 'safe way'
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White House chief economic adviser Larry Kudlow said Tuesday that President Trump wants to see the U.S. economy reopen as fast as possible from the coronavirus lockdown, but stressed that stay-at-home guidelines need to be rolled back in a "safe way."
"The president has certainly noted it, and he wants to see the economy reopen as rapidly as possible, but it's got to be done in a safe way," Kudlow told FOX Business' Stuart Varney. "It's hard for me to make a judgment."
Kudlow's comments come on the heels of a Wall Street Journal editorial that found states opening most slowly are big states run by Democrats that represent roughly one-third of the nation's economy.
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It's been close to 10 weeks since the Democratic governors of California, New York, New Jersey and Illinois ordered all nonessential businesses in their states to close to mitigate the spread of COVID-19. As a result of the severe restrictions, job losses in these states have been especially severe.
Kudlow said he's spoken with New York Gov. Andrew Cuomo and New Jersey Gov. Phil Murphy, both Democrats, about their economies reopening. New York is the epicenter of the coronavirus outbreak in the U.S.
"The level of cooperation has been good. And that's very positive. And they've acknowledged that," he said. "So yeah, I'd like to see them open up as fast as possible, but it's gotta be done safely."
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Nearly two-thirds of leisure and hospitality jobs in New York and New Jersey and about half in California and Illinois disappeared between February and April, the Journal found, compared to about 43 percent in Florida (one of the first states to lock down and among the first to reopen).
Similarly, four percent of construction workers in Florida lost their jobs compared to 41 percent in New York, 27 percent in New Jersey, 17 percent in California and 11 percent in Illinois.
"Eventually there will likely be business foreclosures, evictions and bankruptcies, which will reduce property values and in turn government tax revenue," the editorial said. "California, New York, Illinois and New Jersey make up 30% of the national economy, so their business carnage will affect farmers, meat processors, truckers, manufacturers and suppliers nationwide."
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Every U.S. state has started to navigate reopening their economies, although the level of openness varies drastically across the nation.
The U.S. has the highest number of confirmed COVID-19 cases in the world, totaling more than 1.66 million. As of Tuesday, the virus had killed 98,371 individuals in the nation, according to Johns Hopkins University data.
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