The US is running out of time to stave off a depression without reopening, Jim Cramer warns
CNBC’s Jim Cramer said Tuesday he is warming up, though reluctantly, to the idea of reopening the U.S. economy if lawmakers fail to strike a deal on another coronavirus relief measure and drag their feet on issuing practical safety rules to follow.
“Ideally, we’d keep everything closed until the federal government massively ramps up its testing and contact tracing capacity,” the “Mad Money” host said, but “without more aggressive action from the federal government, we may have no choice but to reopen as the economy spirals into a depression.”
As states slowly authorize nonessential businesses to resume operations amid a health pandemic, most retailers, with the exception of big box stores, are struggling with reopening safely. Restaurateurs face even more challenges, Cramer said.