Sen. Scott predicts 'sharp recovery': Economy will heat up this summer
Senator Tim Scott, Small Business Committee, calls for increased guidance on loan forgiveness and explains why he looks forward to a 'sharp' economic recovery by August
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Senate Finance Committee member Tim Scott, R-S.C., told “America’s Newsroom" Wednesday that he believes the economy will begin a slow turnaround in May and June before picking up speed in July and August as more locations begin to loosen their coronavirus restrictions.
“Confidence is what drives the economic engine all over the world and specifically in the aftermath of a pandemic,” said Scott, adding, “Businesses being open for business does not mean that consumers are going to have the confidence to come into those businesses.”
Scott stressed that two key elements of creating consumer confidence is ensuring state and local governments have enough “testing” resources and “resolving the issue of liability."
“If someone comes into your business and says they got the coronavirus there," Scott said, "that’s a major issue.”
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The lawmaker said that once those issues have been resolved, business owners and consumers can be confident that the marketplace has been made as safe as possible.
“When that happens, it’s kind of like the closest thing to a trifecta," Scott said. "Your business is open, liability issues have been resolved, and consumers have confidence. Those three things lead to a sharp recovery and that’s what I anticipate over the next coming months."
Fox Business Network's Daniella Genovese contributed to this report.
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