FA Center: It’s time for a stock market reality check or the next downturn will surprise us all
Even before the coronavirus pandemic, the U.S. consumer was weak. Early in 2020, a survey found that 49% of Americans expected to live paycheck to paycheck each month. More strikingly, 53% said that they dont have an emergency fund that covers at least three months of expenses. With almost 70% of U.S. GDP tied to consumption, less or no extra unemployment benefits means a lot less consumption and lower GDP.When the U.S. economic shutdown began in March, we were told to expect a V- shaped recover…
