Varney: Coronavirus economic rebound will be tested Memorial Day weekend
'It's a test of our ability to come back strong,'
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FOX Business’ Stuart Varney, in his latest “My Take,” argues that Memorial Day weekend will be a test of economic strength since Americans will be spending time and money outside coronavirus lockdown.
“This is going to be a test,” he said. “How many of us will use the break to get out and about? How many will support the stores and restaurants that are allowed to open? In short, will we, as a nation, bring this economy back to life this weekend?”
Varney said he believes it’s “imperative” Americans try to revive the economy this weekend since our nation has already lost 38 million jobs, witnessed bankruptcy among businesses and states, and experienced a lockdown that’s created a mental health crisis.
VARNEY: IT'S TIME TO OPEN THE ECONOMY, SET PEOPLE FREE
“And a Treasury that’s bleeding trillions,” he said. “It’s time to open up!”
Stephen Wilmer, of Lindenhurst, NY, works at getting his kite aloft in the breeze as his daughter Emma adjusts her protective face mask as the family visited Jones Beach, in Wantagh, NY, Thursday, May 21, 2020, amid the coronavirus pandemic. (AP Phot
According to a JP Morgan report, Varney said, reopening the country will not cause a rise in coronavirus cases. The report states, “data showed that with a greater than 99 percent significance, infection rates fall after lockdown orders are lifted."
“We weren't expecting that,” he said. “That's not what the media was telling us.”
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Varney said Florida reopened early and saw a decline in death and infections while revolts against lockdowns nationwide continue.
“Across the country, businesses are in defiance,” he said. “It’s either open up or go bankrupt. What would you do?”
What we do as Americans within the three-day weekend, Varney said, will have a big impact on economic and human recovery.
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“It’s a test of our ability to come back strong,” he said.