President Donald Trump predicts that the economy will recover very quickly once restrictions on public life are lifted.
However, during an interview on “Fox News Sunday,” billionaire Mark Cuban said he wishes that Trump’s projections for the economy are correct, but he thinks they are wrong.
“I wish he was right, but he’s not,” Cuban said, adding, “I think it’s going to be slower. I think there’s going to so many different ways we have to adapt to this new abnormal.”
He explained:
“People aren’t going to just venture outside. They’re not going to go to large gatherings. They’re not going to feel confident right off the bat. There’s going to be a lot of trepidation. And that concern is going to lead to people holding back on spending money.”
Watch his comments below:
Mark Cuban on Donald Trump's prediction the economy will spike as soon as the virus is over: "I wish he was right, but he’s not… I think there’s going to be so many different ways we have to adapt." #FNS #FoxNews pic.twitter.com/EGof3kTgUz
— Fox News Sunday (@FoxNewsSunday) April 12, 2020
He added that businesses most likely will not “immediately bring everyone back” to work.
While he predicted that the economy would make a slow recovery, he also said there would be a lot of “new, great businesses.”
“If there’s one thing that sets us apart from any other country in the world, it’s the fact that we’re a country of entrepreneurs,” Cuban said. “We’re creative. We’re innovative. We like to take risks and chances to create new businesses. And that’s exactly what we’ll do.”
And, while he said that it most likely won’t be a quick recovery, he added, “I have no doubt in my mind that we’ll come back and be stronger than ever.”
Cuban’s comments come as the latest data finds that nearly 17 million Americans have filed for unemployment over the past three weeks.