Dr. Chhoda analyzes a recent article on Bloomberg news, which states – this crisis isn’t like 2007 through 2009. While many measures of economic activity remain distressed, measures of consumer and business sentiment suggest economic conditions similar to those in 2016.
Significant uncertainties remain — coronavirus-related economic headwinds, the timing and efficacy of vaccines, and the prospects for fiscal stimulus either in this presidential term or the next — but the next president may inherit an economy more like the one greeting President Trump at the start of 2017 than the one President Barack Obama faced at the start of 2009.
Four key economic measures are the labor market, household finances, housing and broad economic sentiment. Comparing each to the expansion that lasted from 2009 to 2019 can give us some idea of where things stand, even as the economic picture remains murky overall.
TABLE OF CONTENTS:
0:00 Potentially Encouraging News
2:32 Surge on New York Bankruptcies
3:44 The Labor Market
5:28 Importance of Economic Sentiment
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