A Year into the Pandemic, David Smith Shares Insight with Los Angeles Daily News
As California passes the one-year mark of the pandemic Los Angeles officials, residents, and business leaders assess the last year to provide answers to complicated questions. David Smith shares his expertise with Los Angeles Daily News on how little we knew how disruptive the COVID-19 virus would be to our everyday lives, businesses, supply chains, economy, and much more. “Maybe true historians had a little more foresight for what could come to bear. I don’t think we ever anticipated a potential drop in GDP in the magnitude we’ve seen would occur,” said Smith.
State and federal public health leaders took charge and implemented several health and safety procedures that brought the country together and drove us apart. Restrictions on retail and restaurants frustrated business owners and consumers, and created an economic downturn. The Bureau of Labor Statistics estimated a 9.1% drop in GDP in the second quarter of 2020. By the middle to end of 2020, the U.S. economy began to recover. “So much of economics is self-reinforcing. If people aren’t working, they aren’t spending money and businesses are not investing. It’s critical to keep that positive momentum going. I think we could still face a real prolonged economic slowdown if we are not smart in the weeks or months to come,” added Smith.
The full article is available on Los Angeles Daily News here.