WASHINGTON — CUNA Chief Economist Bill Hampel appeared on Bloomberg TV this afternoon to discuss the outlook of the economy.
Hampel discussed the lack of consumer confidence and the impact the tax returns will have on the economy.
“We're in a recession right now, but I do think we'll come out of it in the next few months,” Hampel said.
Right now Hampel said consumers have to balance between saving and spending and spending needs to come first. The tax refunds he said will be spent in the third quarter and will help boost the economy.
“Putting spendable money in the hands of our consumers has the effect of breaking the cycle of the downward spiral,” Hampel said.
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