“We’re Living In A Changed World For Sure”
Annex Wealth Management’s President & CEO Dave Spano discusses the health crisis
In the early weeks of the international health crisis which is still causing massive financial disruption, Milwaukee radio giant WTMJ held a town hall to discuss the pandemic.
The town hall, called “WTMJ Cares Town Hall”, was held on April 15, 2020. It was sponsored by local businesses and hosted by two WTMJ personalities.
Annex Wealth Management’s Dave Spano discussed the immediate impact of the health crisis, and what he anticipated we’d see through the rest of 2020. “We’re in a changed world, for sure,” Spano explained, as he recalled our economic climate before the pandemic struck.
“You have to see the (gross domestic product) – we were obviously positive. There was a very slight chance of a recession. Now, GDP forecasts for the second quarter are a 30 percent recession.”
He explained that such a large recession is “transitory,” but it will not be a short period of time until recovery.
“You put that (30 percent) number on top of an unemployment number…possibly 20 percent. It’s going to take some time to get out of the hole.”
Spano was hopeful that we could return to a vibrant economy, since it would benefit all, including the nation’s poorest people.