The Trump administration is considering issuing special "war bonds" as a way to raise cash for its coronavirus relief efforts as the American economy continues to suffer from lockdowns, quarantines, and other anti-COVID-19 measures, the president's economic adviser Larry Kudlow revealed.
"This would be a long-term investment into the future of American health, safety and the economy. From my standpoint, technical considerations aside, I think the concept is exactly right", he said.
Kudlow went on to say that in his opinion, the Federal Reserve has not yet finished introducing fiscal measures aimed at helping the US economy amid the pandemic.
Trump's economic adviser said he hopes that the economy will snap back in a matter of a month or two after the lockdowns are lifted. Kudlow noted that the decision to open the US economy will be guided by the facts and added that the exact date will be determined based on coronavirus testing data.
Earlier, Trump called for the US economy to be opened as soon as possible, mulling Easter as a fitting date to do so. He argued that the American economy was not made to remain closed as it is now. The latest data from the CDC, however, suggests that the rate of infection is not declining yet, with 304,826 US citizens having been either infected with COVID-19 or are suspected to have contracted the virus. The number of deaths from the novel disease recently reached 7,616 in the country.
The measures meant to fight the spread of the coronavirus have affected not only businesses, but also ordinary Americans, with Washington trying to help both. The US Congress recently passed a $2 trillion aid package for this purpose, while the Federal Reserve slashed credit rates to zero in March.