Everyone across the nation continues to feel the impacts of the pandemic either from the virus itself or from the economic destruction it’s causing. Joining the newscast is Mike Reeves, financial planning expert of Strategic Wealth Designers to talk about how the Hoosier state is doing in relation to other parts of the country with the economic data he’s seeing. 10’s of millions have been laid off but in relation to other neighboring states Indiana is fairing much better Reeves says.
“We are doing better, our neighbors in Michigan are over 4% (unemployment), Kentucky is over 5%, keep in mind the Hoosier state here has done a great job of loading that piggy bank, we have over 2 million dollars in reserve to meet short falls right now and the federal government is throwing money around right now, we are going to get another $1.2 billion to help ourselves out from them.”
Digging out is going to be easier said than done. The governor has held a pretty aggressive plan to get things back open and that may produce a short term “pop” from manufacturing, retail, restaurants and bars opening back. While the initial spike will be positive, Reeves says not all are going to be willing to jump in right away. “The young and the brave will dive right in when allowed to again, but there will be a lot of people who are very slow to get on a plane, a cruise ship.. until we get a vaccine it’s not going to be an overall back to normal right away situation.”
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