Ben Carson Says Economic Crisis 'Intentional'; Shares Plans To Reopen Economy

While the job losses and unemployment from the coronavirus pandemic are raising concern, Secretary of Housing and Urban Department Ben Carson has expressed optimism about the economy. In a recent interview, Carson explained that the current economic crisis is “intentional” and added that the economy will bounce back as soon as the lockdown ends, which is a sentiment President Donald Trump has been emphasizing.

According to the figures released by the Department of Labor, 20.5 million jobs were lost in April and the unemployment rate stood at 14.7%. Carson addressed the issue as the chair of the President’s revitalization council in an interview with Fox News.

Carson pointed out that the current economic situation was “intentional,” in order to stop the spread of the coronavirus. Comparing the situation to the recession experience in 2008, Carson pointed out that the current situation is different because it came on the back of a robust economy while the recession came when the economy was “very weak.”

According to Carson’s argument, the economy has a very good chance of bouncing back once the lockdown is lifted because of the strong fundamentals that were in place before the artificial slowdown from the pandemic. The risk right now, according to Carson, is that the lockdown continues for so long that it destroys the infrastructure that can help America bounce back quickly.

On top of Carson’s agenda is to keep small businesses viable as a prolonged lockdown can hurt them. Data shows that businesses with fewer than 500 employees provide almost half of all American jobs. The secretary revealed that one of the ways to incentivize the governors to reopen the economies of their respective states is to show them the data of places that are slowly and carefully opening their economies.

While Carson and the others are planning to reopen the economy, there are others who are concerned about what the future holds. Billionaire investor Mark Cuban told Fox News that reopening the economy will only help in a rebound if there is enough consumer spending. Without consumer spending, Cuban said, businesses may be forced to shut down.

The current slowdown is being compared to the Great Depression, with many companies using the word “unprecedented” to describe the situation, CNBC reported. With the layoffs leading to smaller household budgets that will impact people’s spending habits, some executives believe that a recovery may take years.