WASHINGTON — CUNA Chief Economist Bill Hampel, appearing on Bloomberg TV, expressed an overall positive view of the future for the economy, saying that next year will be a very important year for growth.
"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. He added that tax refund spending will start now, but most of the the spending will occur during and by the end of the third quarter and will help boost the economy.
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"Putting spendable money in the hands of our consumers has the effect of breaking the cycle of the downward spiral," Hampel said.
Hampel added that while this will break the cycle, putting money in the hands of consumers will not solve the long-term problem. However, he expressed that while there is a long road ahead there is light at the end of the tunnel.
"I don't think inflation is that much of a problem economy," Hampel said. "I think that will be lifted in the next few months."
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