Is a recession really coming? What do the upcoming elections mean? Why do people let social media drive them to spend money they don’t have? Some answers to those questions and many more across a wide range of subjects were offered to credit unions here—but not before CU executives were given some questions of their own to answer.
Putting all of those questions into play was Dr. Mary Kelly, a former naval commander, an author and an economist, who told Catalyst Corporate FCU’s Economic Forum that amid all those big issues there are also smaller ones that CU leaders must give attention, especially issues that aren’t small to members. Among those: many people who come to their credit union are “scared” and in need of help.
First, the subject on many people’s minds: the prospects for a recession.
“We tend to be so worried about this long growth period that we just think it can’t last, that maybe it’s too good to be true,” said Kelly. “But the U.S. economy right now is pretty gosh-darned OK. Our GDP remains high at $65,000 per person. This is great. U.S. GDP will end 2019 at $21.3 trillion, up 2.3%.”
continue reading »