July 20, 2020 • 7 mins
The coronavirus has made a deep dent in the economy, but the US is a resilient country and the current crisis won’t last forever. Former undersecretary of the US Treasury Mary Miller joins to give us her perspective on the downturn and updates that make her hopeful.
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Episode Transcript
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Speaker 1 (00:04):
Welcome to this episode of Here's Something Good, a production
of the Seneca Women Podcast Network and I Heart Radio.
Each day we aspire to bring you the good news,
the silver lining, the glass half full, because there is
good happening in the world everywhere, every day, we just
need to look for and share it. Here's something Good
(00:27):
for today. As we all know, the coronavirus has made
a deep dent in the US economy, but the US
is a resilient country. The current crisis won't last forever,
and even this economic downturn can present new lessons and opportunities.
Today we're speaking with Mary Miller, who has the expertise
to help us understand what's going on right now and
(00:50):
what tomorrow may hold. Mary was appointed to help lead
the US recovery after the two thousand and eight recession.
She was the first woman to serve as the Under
Secretary for Domes stick Finance at the U. S Treasury Department.
I spoke with Mary back in mid April when this
country was only a few weeks into the pandemic. I'm
delighted to have her back for a fresh perspective on
(01:10):
the last three months and how we can all move forward.
Thanks so much for joining us. Sure glad to be here.
So we last spoke very early on in the pandemic. Um,
from your perspective, what has changed in the U. S
economy since then? Um? What do you think is positive
and what continues to be tough? So when we last talk,
(01:32):
we were really at the front end of this, and
I think the speed and depth of the recession hit
us very hard. I would say that we have likely
seen the worst. We went from three and a half
percent unemployment to almost fift unemployment, and two months now
we're back to eleven and we're making some progress on
(01:56):
bringing jobs back. We've gotten about a third of the
jobs back that we lost us, so it feels like
we are working our way back. There's still a lot
of worry. Um, there's an uneven recovery across the country.
Everyone's watching the experience of different states. There's plenty to
worry about. But there's also a lot of signs of
(02:17):
progress too. And I think you know, the work that's
going on in the healthcare field to respond more effectively,
to develop vaccines, all of that is very positive. So
I think the economy is beginning to stabilize and come back.
I think the road will be longer than what anyone
anticipated when we were talking about this back in March
(02:38):
and April. But there's also a lot of opportunities here.
We have very low cost of credit, we have a
very massive response from governments at all levels to help
individuals and businesses in the country. And I think that
people who are willing to look ahead can find plenty
to be positive about. Small businesses, especially women owned businesses,
(02:59):
have been hit pretty hard. Have you seen evidence that
those small businesses are are able to pivot, pivot or
look ahead? As you said, are there new growth areas
or opportunities that you feel small business owners are taking
advantage of. I think the answer has to be yes
and no, because I think it's very company specific, maybe
even industry specific. The experience of a restaurant is very
(03:22):
different from the experience of a grocery store, for example,
So I think to be successful here you do have
to be able to pivot, and I think very hard
about how you can serve the economy as we know
it today and the needs that we see in the economy.
And I think people who have been able to see
those opportunities have had an easier time of it. I
(03:43):
think people who have been able to navigate all of
the assistance programs, whether from the private sector or the
public sector, to take advantage of that, have been able
to pivot more easily. Some industries, of course, you know,
are doing extremely well. I was talking to someone who
works for Lows and said, everyone's fixing up their house.
We're just very very busy and providing um, you know,
(04:06):
products for people. So I mean, I think looking around
the landscape and seeing where those pockets of strength are
and trying to take advantage of them is very key.
Are there any new programs assistant programs that have launched
the last few months that you feel should be at
the top of women owned businesses lists? I follow things
like Bloomberg Philanthropies has a daily readout of COVID nineteen
(04:28):
assistance across the country where it's really highlighting good experience
in different cities and locations. So I try to pay
attention to that because there's so many good examples of
things happening. I also think if you look at your location,
cities are providing grants and loans for small businesses, states
are providing those in some cases. The early amounts of
(04:50):
assistance were completely exhausted quickly, and now they're getting replenished.
And of course everyone's watching Washington to see whether they'll
be a follow on to the paycheck Protection Program, to
some of the assistance that was provided through the Cares
Act and afterwards. So um, it's really just staying awake
and paying attention to what's there and taking advantage of things.
(05:11):
I also look at, you know, websites like pitchbook to
see what you know sort of equity capital venture capital
is happening, and how assistance is being provided to startups
in more entrepreneurial efforts. So there's quite a bit out there.
But you have to stay in your toes and you
have to be very vigilant. I guess and move quickly.
Are there things that are making you optimistic right now?
(05:33):
I always say, never beat against the US. I think
that as a country we are very resilient, and I've
seen extraordinary acts of kindness. I've seen extraordinary acts of
assistance that people are providing, and and women are particularly
adept I think at seeing needs and jumping in, and
I think women working from home today have really got
(05:55):
a tough assignment. They are juggling like they've never juggled before.
But I also see that, you know, families are getting closer,
friends are staying in touch. You know, people are looking
out for each other in ways that we might not
have imagined. Uh six months ago. I think a lot
of what I hear from people as I have a
better sense of what's important and I have a better
sense of what I need to do to provide for
(06:18):
my family and for myself. Well, it's always wonderful to
talk to you about what is happening in the economy
and what's on the horizon. So thanks so much for
joining us. Mary. Absolutely, it's always fun to talk to you.
Thank you. It's so great to catch up with Mary.
I want to thank her for a great conversation and
her much needed insight. So here's something good for today.
(06:40):
While this recession has been tough on everyone and on
the economy, it's also brought out the good in so
many Americans and in some ways reset our priorities. Neighbors
are looking after neighbors, and people are putting an emphasis
on their relationships for those who need economic health. Additional
economic relief programs have sprung up in the last few months. Finally,
(07:00):
we can all take a lesson in educated optimism from Mary,
as Mary says, don't bet against the US economy. It
may take a while, but Americans are resilient and we'll
be back. Thank you for listening, and please share Today's
(07:24):
Something Good with others in your life. This is Kim Azzarelli,
co author of Fast Forward and co founder of Seneca Women.
To learn more about Seneca Women, go to Seneca Women
dot com or download the Seneca Women app free in
the app store. Care Something Good is a production of
the Seneca Women podcast network and I Heart Radio Have
a Great Day. For more podcasts from my heart Radio,
(07:52):
check out the I heart Radio app, Apple Podcast, or
wherever you listen to your favorite shows.
Welcome to this episode of Here's Something Good, a production
of the Seneca Women Podcast Network and I Heart Radio.
Each day we aspire to bring you the good news,
the silver lining, the glass half full, because there is
good happening in the world everywhere, every day, we just
need to look for and share it. Here's something Good
(00:27):
for today. As we all know, the coronavirus has made
a deep dent in the US economy, but the US
is a resilient country. The current crisis won't last forever,
and even this economic downturn can present new lessons and opportunities.
Today we're speaking with Mary Miller, who has the expertise
to help us understand what's going on right now and
(00:50):
what tomorrow may hold. Mary was appointed to help lead
the US recovery after the two thousand and eight recession.
She was the first woman to serve as the Under
Secretary for Domes stick Finance at the U. S Treasury Department.
I spoke with Mary back in mid April when this
country was only a few weeks into the pandemic. I'm
delighted to have her back for a fresh perspective on
(01:10):
the last three months and how we can all move forward.
Thanks so much for joining us. Sure glad to be here.
So we last spoke very early on in the pandemic. Um,
from your perspective, what has changed in the U. S
economy since then? Um? What do you think is positive
and what continues to be tough? So when we last talk,
(01:32):
we were really at the front end of this, and
I think the speed and depth of the recession hit
us very hard. I would say that we have likely
seen the worst. We went from three and a half
percent unemployment to almost fift unemployment, and two months now
we're back to eleven and we're making some progress on
(01:56):
bringing jobs back. We've gotten about a third of the
jobs back that we lost us, so it feels like
we are working our way back. There's still a lot
of worry. Um, there's an uneven recovery across the country.
Everyone's watching the experience of different states. There's plenty to
worry about. But there's also a lot of signs of
(02:17):
progress too. And I think you know, the work that's
going on in the healthcare field to respond more effectively,
to develop vaccines, all of that is very positive. So
I think the economy is beginning to stabilize and come back.
I think the road will be longer than what anyone
anticipated when we were talking about this back in March
(02:38):
and April. But there's also a lot of opportunities here.
We have very low cost of credit, we have a
very massive response from governments at all levels to help
individuals and businesses in the country. And I think that
people who are willing to look ahead can find plenty
to be positive about. Small businesses, especially women owned businesses,
(02:59):
have been hit pretty hard. Have you seen evidence that
those small businesses are are able to pivot, pivot or
look ahead? As you said, are there new growth areas
or opportunities that you feel small business owners are taking
advantage of. I think the answer has to be yes
and no, because I think it's very company specific, maybe
even industry specific. The experience of a restaurant is very
(03:22):
different from the experience of a grocery store, for example,
So I think to be successful here you do have
to be able to pivot, and I think very hard
about how you can serve the economy as we know
it today and the needs that we see in the economy.
And I think people who have been able to see
those opportunities have had an easier time of it. I
(03:43):
think people who have been able to navigate all of
the assistance programs, whether from the private sector or the
public sector, to take advantage of that, have been able
to pivot more easily. Some industries, of course, you know,
are doing extremely well. I was talking to someone who
works for Lows and said, everyone's fixing up their house.
We're just very very busy and providing um, you know,
(04:06):
products for people. So I mean, I think looking around
the landscape and seeing where those pockets of strength are
and trying to take advantage of them is very key.
Are there any new programs assistant programs that have launched
the last few months that you feel should be at
the top of women owned businesses lists? I follow things
like Bloomberg Philanthropies has a daily readout of COVID nineteen
(04:28):
assistance across the country where it's really highlighting good experience
in different cities and locations. So I try to pay
attention to that because there's so many good examples of
things happening. I also think if you look at your location,
cities are providing grants and loans for small businesses, states
are providing those in some cases. The early amounts of
(04:50):
assistance were completely exhausted quickly, and now they're getting replenished.
And of course everyone's watching Washington to see whether they'll
be a follow on to the paycheck Protection Program, to
some of the assistance that was provided through the Cares
Act and afterwards. So um, it's really just staying awake
and paying attention to what's there and taking advantage of things.
(05:11):
I also look at, you know, websites like pitchbook to
see what you know sort of equity capital venture capital
is happening, and how assistance is being provided to startups
in more entrepreneurial efforts. So there's quite a bit out there.
But you have to stay in your toes and you
have to be very vigilant. I guess and move quickly.
Are there things that are making you optimistic right now?
(05:33):
I always say, never beat against the US. I think
that as a country we are very resilient, and I've
seen extraordinary acts of kindness. I've seen extraordinary acts of
assistance that people are providing, and and women are particularly
adept I think at seeing needs and jumping in, and
I think women working from home today have really got
(05:55):
a tough assignment. They are juggling like they've never juggled before.
But I also see that, you know, families are getting closer,
friends are staying in touch. You know, people are looking
out for each other in ways that we might not
have imagined. Uh six months ago. I think a lot
of what I hear from people as I have a
better sense of what's important and I have a better
sense of what I need to do to provide for
(06:18):
my family and for myself. Well, it's always wonderful to
talk to you about what is happening in the economy
and what's on the horizon. So thanks so much for
joining us. Mary. Absolutely, it's always fun to talk to you.
Thank you. It's so great to catch up with Mary.
I want to thank her for a great conversation and
her much needed insight. So here's something good for today.
(06:40):
While this recession has been tough on everyone and on
the economy, it's also brought out the good in so
many Americans and in some ways reset our priorities. Neighbors
are looking after neighbors, and people are putting an emphasis
on their relationships for those who need economic health. Additional
economic relief programs have sprung up in the last few months. Finally,
(07:00):
we can all take a lesson in educated optimism from Mary,
as Mary says, don't bet against the US economy. It
may take a while, but Americans are resilient and we'll
be back. Thank you for listening, and please share Today's
(07:24):
Something Good with others in your life. This is Kim Azzarelli,
co author of Fast Forward and co founder of Seneca Women.
To learn more about Seneca Women, go to Seneca Women
dot com or download the Seneca Women app free in
the app store. Care Something Good is a production of
the Seneca Women podcast network and I Heart Radio Have
a Great Day. For more podcasts from my heart Radio,
(07:52):
check out the I heart Radio app, Apple Podcast, or
wherever you listen to your favorite shows.
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