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The economy was positive in numerous aspects of society when 2020 began.
Then coronavirus hit, and thanks to lost jobs and closures of countless businesses and industries, what was once strong has turned recessive when it comes to dollars and cents in America.
“We’re in a changed world, for sure,” Annex Wealth Management President and CEO Dave Spano told WTMJ’s John Mercure and Erik Bilstad during Tuesday’s WTMJ Cares Town Hall.
“You have to see the (gross domestic product) – we were obviously positive. There was a very slight chance of a recession. GDP forecasts for the second quarter are a 30 percent recession.”
Spano explained that such a large recession is “transitory,” but it will not be a short period of time until recovery.
“You put that (30 percent) number on top of an unemployment number…possibly 20 percent. It’s going to take some time to get out of the hole.”
Spano underscored the importance of returning to a more vibrant, open economy in order to help a large percentage of the American population.
“We know it’s real, but we also have to get people back to work, because poverty is real,” said Spano.
“Half the people in this country live paycheck to paycheck. They have to get back to work.”
He believes that the turnaround in the financial world won’t be an especially long wait, however.
“I’m excited for one year from now…a u-shaped recovery,” said Spano.
“I think one year from now on the equity side, the financial side, we’ll be in a lot better place.”