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This is why I don't expect a "V" shaped recovery. Consumer spending will be down because a lot of people will be spending their income on paying their past-due
by twblalock 7y ago
This is why I don't expect a "V" shaped recovery. Consumer spending will be down because a lot of people will be spending their income on paying their past-due bills.
Credit reporting is going to hurt a lot of people too, and that will also decrease consumer spending because people will have less access to credit.
- jlbnjmn 7y agoAlso, many of the lost jobs are in consumption and service industries. I'm not going to get extra haircuts, eat extra meals, or drive extra miles. So business owners and workers in those industries aren't going to catch up.