Cuomo: New York’s Economy Won’t ‘Bounce Back’
Gov. Andrew Cuomo doesn't think the economy will bounce back from the COVID-19 pandemic.
The New York Stock Exchange reopened this week after being closed for two months but Cuomo doesn't think it will "bounce back." Nor does he think the U.S. economy will bounce back on its own after the pandemic because too many small businesses have closed.
"I don't believe this economy just bounces back," Cuomo said on Thursday during his COVID-19 briefing. "Too many small businesses have closed. You'll see many of these corporations are going to use this as an opportunity to lay off workers. People think this economy is going to bounce back. It’s going to bounce back for some. We already know that tens of thousands of small businesses closed and probably won’t come back”
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Cuomo also fears big corporations won't rehire laid-off workers.
"The economy will bounce back quickly for the rich and powerful. It always does," he said. "We need to make sure the economy bounces back for working Americans, too."
Earlier this week, Cuomo said he didn't think the economy would bounce right back. He mentioned it would bounce back but not in a straight line. He also believes it will bounce back for some, but not for others which will create winners and losers in the new economy.