The U.S. Economy Poised for Growth in 2021
New York, NY, December 18, 2020-Economist Julia Pollak contends that, after the upheaval of 2020, the U.S. economy is poised for growth next year in “Why the U.S. Economy Will Take Off in 2021.”
“…there is no society better prepared for what awaits. Startups are blossoming. There were almost 1.6 million new business applications in the third quarter of 2020, up from fewer than 860,000 a year earlier. The financial sector is solid, largely thanks to a much bigger, faster response from the Federal Reserve than during the financial crisis of 2008-09. An online economy, hardened thanks to recent surges in broadband infrastructure, kept America running through its recent dark days and will only expand. Highly effective vaccines are starting to become available, and inexpensive, rapid Covid-19 home tests should be available soon as well.
“When it is safe for business to resume as usual, the economy could take off. Americans have accumulated $2 trillion in new savings deposits since February, according to the Federal Reserve. That is more than 10% of gross domestic product waiting to be spent.”
Pollak notes that, “In broader terms, this was the first service-sector-led recession…” And, once the pandemic is behind us and people resume their standard patterns, the service industry should revive.