China, Congressional Budget Office, United States discussed on Ric Edelman


Thanks for being with us here on the record open show we're talking about the impact of the coronavirus on both the domestic and global economies I NG economist iris paying says retail sales in China are going to expand despite the virus but she says they're only going to expand three to four percent this quarter would have been even more the Congressional Budget Office not convinced yet the CBO says they've modeled the economic effects of a flu pandemic and they said that one hundred thousand deaths would cut our GDP by one percent it wouldn't even cause a recession focus on that number this is amazing the CBO says that if we suffer a hundred thousand people dying in the US our economy will still be growing by the way the flu in the U. S. has second nineteen million people this year we've put a hundred and eighty thousand into the hospital ten thousand have died from the flu we should be more worried about the flow then you should be worried about the coronavirus I'm just trying to help you put it in the context if you are saying yourself golly Gee will occurs I'm worried about my investments because of this you're worried about all the wrong things what you should be worrying about our old people sick people babies who don't have the immune systems to protect themselves and defend themselves effectively against viruses you should be worried from a public health care perspective you should be focusing on this from an effort of washing your hands making sure that those around your washing their hands that if you sneeze please enter your elbow don't look at your mutual fund statements and conclude you need to sell out of a fear that a pandemic is going to wipe out the human population by the way if it did I don't think you have to worry about your investments anymore so it really is proper context proper perspective and recognizing this too shall pass there is something you ought to be worried about there's some action you know to be taking about the were you ought to be having it's no it's not the corona virus to stop the flow it's taxes okay yes we know death and taxes always go together and so yes it's tax season and what we are telling you to do with your tax return is something we've been telling you to do for the past couple.

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