On election night, Democratic campaign consultants may have been wondering, “Where did all these voters come from?” But unless the next Congress sets a legislative course over the next few months, Speaker of the House Nancy Pelosi may soon be wondering, “Where did all the voters go?”
The incoming Biden administration will need to navigate an extremely rough economic path ahead. Congress has struggled to reach an agreement for another round of stimulus to provide emergency relief for families and businesses. Now they must act before the “dark winter” ahead further deteriorates the economic recovery.
John Hallacy has a long tenure in the municipal business, predominantly as head of municipal research for Bank of America Merrill Lynch. John has also spent time as an analyst and manager at S&P Global, underwriter and marketer at four bond insurance companies, and has served as the head of MAGNY and president of the Society of Municipal Analysts.
Mary Beth Haugen is the founder and CEO of Haugen Consulting Group and Haugen Academy. She has more than 30 years of experience in the healthcare industry. She is active on the AHIMA Leadership Advisory Panel, AHIMA's Academic Task Force and is the current co-chair of CHIMA's Education Committee. She previously served as a board member for AHIMA and the AHIMA Foundation, and as a member of AHIMA's EHR Practice Council
Duran Alabi is the chairman of The AGIC Group (TAG) Holding Corporation, a California Holding that oversees all the company's worldwide assets. TAG owns an International Business Corporation (IBC) dully registered in Belize, Central America to manage all the global activities of the holding in different continents & countries.
TAG features companies in banking: Fintech and micro finance, renewable energy development: PV Park investment, ownership, power generation and clean energy storage devices with mobile applications, organic commercial agriculture development, ownership and processing. Duran Alabi oversees the entire global operation of the holding with companies present in North America, Africa, Caribbean, Central America, South America, Europe, Middle East and the Pacific Rim. The focus of TAG holding and its affiliated companies are to be very active in renewable energy, environmental sustenance, remediation, organic agricultural development and Fintech.
TAG's renewable and clean energy focus includes technology areas such as solar, wind, Ethanol generated power conversion technology and power generation floating vessels utilizing LNG. Duran Alabi is a top-tier professional with over 37 years of strategic business development and acquisition, Alabi has tangible experience in emerging enterprise technology, evolving energy innovation solutions and services market. Insightful and articulate with strength in analytic, problem solving, strategic planning, and savvy investment motivation.
Duran Alabi possess proven ability to lead the development, implementation, and successful completion of a diverse range of strategic businesses in publicly traded, pre/post-IPO, start-up environments. He is a leader with quantifiable results in building new businesses, strategic relationship / merger, improving gross profit, sustaining market share growth, and delivering increased customer / venture partner satisfaction. Duran Alabi currently resides in San Diego California, United States of America with his wife and children.
Gross domestic product, the broadest measure of goods and services produced across the economy, decreased at an annual rate of 32.9 percent in the second quarter of 2020, followed by a surged of 33.1 percent in the third quarter, in part due to earlier rounds of fiscal stimulus when businesses were offered Economic Injury Disaster Loans and forgivable Paycheck Protection Program loans, and individuals received direct payments and extended unemployment benefits.
Economic experts believe the current surge is not enough to stop continued losses incurred by various segments of economy.
“While the strong bounce back in activity from the initial devastation of COVID-19 was heartening, the recovery thus far has been highly uneven, and the path ahead is highly uncertain,” said Federal Reserve Governor Lael Brainard in a speech last month at the Society of Professional Economists annual online conference.
This highly uneven and uncertain bounce indicates the prospect of a K-shaped recovery, where some sectors continue to recover, while others see a steady decline.
The new stimulus package must focus on the sectors facing difficulties ahead to avoid colossal damage and massive layoffs.
According to the U.S. Chamber of Commerce, approximately 4 million small businesses — 13 percent of America’s 31 million smallest employers — have now exhausted their PPP loans, and many face permanent closure without further assistance.
According to the National Restaurant Association, the restaurant industry will lose $240 billion. U.S airlines may be forced to furlough 75,000 pilots, flight attendants, mechanics and other workers by the end of 2020 if Congress doesn’t act.
States and municipalities are now on verge of extreme shortfalls due to declines in tax revenues and rises in additional costs. Local governments that fund and operate public school systems will need more funding. “The average school district will face $1.8 million, or $485 per student, in additional costs for disinfectants, personal protective equipment and other preparations to bring students into classrooms this year,” according to the Association of School Business Officials.
The Federal Reserve’s Survey of Consumer Finances indicates that cash-strained households will continue to suffer as a result of continued unemployment and reduced working hours. The CARES Act did support these households either through direct payments or enhanced unemployment benefits this year, but the financial security of these households will depend on whether unemployment benefits will be extended or supplemented next year.
Therefore, it is imperative for Congress to ensure that the recovery reaches those who have been disproportionately affected. A targeted fiscal support can turn a K-shaped recovery into a broad-based, inclusive recovery to eliminate shortfalls in employment and provide a better outcome overall.
