MEMPHIS, Tenn. — As we enter the Thanksgiving holiday, some of you will call it stuffing, others will call it dressing. But there are business owners and employees who will feel the pandemic has stuffed them.
Dr. John Gnuschke, an economics professor with the University of Memphis, used the word devastating.
“It’s devastating for our restaurants. It’s clear our hotels, our tourism industry - both have been devastated,” he said.
The new pandemic restrictions hit the Memphis economy straight in the gut.
“It has put us back literally 20 years. It’s offset 20 years of economic growth. When a recession hits, we have a downturn that takes 10 years to recover from. It’s hard to grow and prosper when you have periodic setbacks.”
He said yes, there is good news about a possible vaccine. But it’s going to take some time to get here.
In the meantime, unemployment goes up, and businesses close - all thanks to COVID-19.
“I say it’s the COVID depression,” Dr. Gnuschke said.
Depression is right.