On this episode of “The Building Code,” Paul and Tom are joined by Dr. Ernie Goss, prominent professor and regional economist. Ernie’s specialty is making economics digestible to people from all walks of life. Listen to the full episode to hear Ernie break down the state of the economy as it pertains to COVID-19 and give expert advice on how to navigate these changes as a business owner.
- The current economic downfall will be more dire and significant compared with 9/11 or the Great Recession in 2008.
- The duration of the current economic downfall will be shorter than the 18-month long recession of 2008 if a vaccine or cure is found.
- The recovery process will be quick if a vaccine is secured.
- Watch the yield on the U.S. Treasury Bond. This provides a pretty consistent and early indicator of the state in which the economy is in and direction it’s going.
- If you don’t embrace the change, you will sink. Ernie said meeting the challenge of using technology is vital during these times.