Hank Paulson helped steer the U.S. out of the 2008 financial crisis as treasury secretary. To get through today's crisis, he says, 'we've got to get money moving out into the economy to the people who need it.'
Henry Paulson, who served as Treasury secretary during the 2008 financial crisis, says the current Treasury secretary and the Fed chair have"got their work cut out for them."Henry Paulson, who served as Treasury secretary during the 2008 financial crisis, says the current Treasury secretary and the Fed chair have"got their work cut out for them."Hank Paulson says the world and America are"facing a health and economic crisis unlike anything in our modern history.
Getting through it and limiting the damage to the economy will require huge tasks: containing the virus and implementing Congress'squickly, he says. That includes direct $1,200 payments to most Americans and a boost to the unemployment insurance program. However, according to a memo drafted by House Democrats, people who do not have direct deposit information on file with the Internal Revenue Service may have to waitTreasury Secretary Steven Mnuchin has acknowledged it would take more time for those who didn't have addresses on file but suggested on Sunday that he expected payments to go out by mid-April.
Paulson has this additional advice for getting through the crisis:"It's vital we remember that we don't need to let fear and panic defeat us, and we shouldn't let divisiveness defeat us."
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