4-3-20 coronavirus-the economy

A retired Ripon College economics professor says while it is not official, he believes the country is in a recession due to the coronavirus.   But economist Paul Schoofs says there are significant differences now compared to the recession that started in 2008.   When it comes to consumer confidence, Schoofs says unlike 2008, while Americans are worried about their personal finances, they also understand the economy will improve when the virus is brought under control.  “That’s a good point and I think, in general, that’s the attitude of the American public,”  Schoofs told WFDL news.   At the same time, Schoofs says the forced closing of non-essential businesses across the country is also different from 2008.  “The stunning immediacy of this shutdown, almost like taking a patient off life support, it has immediate, horrible effects,”  Schoofs said.   However Schoofs says he could see a relatively quick economic rebound,  given that it was in good shape before the steep and sudden free-fall triggered by the outbreak.

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