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, if you look in March, our neighbors in Kentucky Over 5% (unemployment), Michigan over 4% (unemployment), we’ve got a lot of money in our piggy bank, over 2 billion dollars set aside and the federal government is giving every state at least $1.2 billion… so Hoosiers are doing better right now.”
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, but there will be a lot of people who are very careful, it’s going to be a trickle and it will be slow, when we do get a vaccine then things will really start moving again.”