Vaccine Could Unlock Trillions In Spending, Leading To 'Biden Boom'
So it is looking like this will be a cold dark winter for the us economy. The pandemic is forcing new limits on businesses and prompting nervous consumers to stick closer to home but if this week's encouraging news about an experimental vaccine works out the spring and summer could be a lot brighter. That's the word according to npr's scott horsely brandon. Fritzy has spent an awful lot of this past year stuck in his indianapolis apartment. He misses going out to buffet restaurants. And doing all the things he used to enjoy. I was a big karaoke. Okay guy. I'd be going to the karaoke bar pretty much every night. But since the pandemic started. I don't think i've sung and eight months now. Coldplay's yellow was fritzy's go to standard as much as he misses the microphone. His self imposed quarantine has been good for. His bank. account doesn't talking some money away. I've saved want to save. thousands christie. Zola of new haven is in the same isolated boat venezuela says she and her husband have spent more money on ice cream and alcohol in the last eight months but less on just about everything else where certainly not spending on any sort of entertainment. We're not going to the movies. Were not paying for gym memberships or to participate in sports leagues. We have saved on transportation costs. Because i'm working from home and not commuting sixty miles per day all told cautious consumers in the us have squirrelled away some two trillion dollars during the pandemic while avoiding travel crowds and in-person entertainment. Spending is likely to take an additional hit. This winter as new infections and hospitalizations are soaring economist. Ian shepherdson of pantheon macroeconomics says president elect biden is inheriting an economy that still weighed down by the pandemic but that could turn around fairly quickly. Present like five is arriving in washington at the right time coded news the point where he's inaugurated is likely to be horrific but it won't be much longer after shepardson says with a successful vaccine. Springtime could see a flowering of the economy. Fueled by pent up demand for the kind of amusements that had been off limits for so long to be sure that extra two trillion dollars in savings is not going to be spent all at once economist. Joel practice and the forecasting firm. Ihs market says some of the things we've skipped on. We'll never be made up. I went quite a long time without getting my haircut. Look pretty mangy. i'm not gonna get free extra custom. Make up for the ones that i missed during the summer. Even when a vaccine is widely available it may take time before people feel safe going out to crowded places and spending money freely. Pittsburgh librarian dana fair. Bile says she talks a lot with her husband about what the new normal might look like. It would be great in two thousand twenty one if all of the venues were up and operating again and we could go see some land. But i think it's going to be a while before mentally. I feel okay. Being in a crowd of people like that again not wear masks of perspective. Spring thaw faces other chilly. Headwinds americans are still out of work and congress has been slow to extend additional relief brandon. Fritzy has kept his job as an accountant. And he's wearing his mask trying to stay safe. If the vaccine checks out fritzy says he'll be quick to get it he can rejoin his friends at the karaoke bar. The karaoke crowd is kind of a family. Everybody at the monkey's tail and broad ripple is Pretty close so it would be nice to get out and see them again. Economist shepardson says once people do feel able to get out and do the things they enjoy the cash. They've been socking away. This could bank roll a substantial economic boom