At Financial Partners Credit Union’s 6th Annual Economic Forum, Renowned Economist Dr. Christopher Thornberg of Beacon Economics Shot Down Recession Woes
COSTA MESA, Calif., October 04, 2022--(BUSINESS WIRE)--Financial Partners Credit Union, named one of Forbes’ 2022 "Best in State'' Credit Unions, hosted its 6th Annual Economic Forum on Thursday, September 29, 2022. Keynoted by renowned economist Dr. Christopher Thornberg, founder of Beacon Economics, the discussion focused on post-Covid new world order and what impact it has on the local economy.
The primary takeaway for the audience, comprised of local business and government leaders who participated both in person and via Zoom, was, "Are we heading into a recession?" Thornberg asked. "Not a chance."
"This is a weird economy. However what the country is experiencing right now is a stimulus hangover, not a recession," Thornberg said. "A recession is a period when the economy has excess capacity. Factories can produce goods, but no one can buy them. People want jobs and can’t find them. Unemployment is high. That’s not what’s happening in our world today."
If not a recession, what can Americans expect? "The real problem is that we’ve replaced private sector debt with public sector debt," Thornberg concluded. "In the next few years, there will be an enormous fiscal challenge caused by a debt-fueled spending binge."
"This year’s Economic Forum once again ignited conversation about the state of the economy and how its impact is felt among the people and businesses in our communities," noted Nader Moghaddam, President and CEO of Financial Partners. "While highlighting the good news that the much discussed recession is unlikely, Christopher shed light on what we should be focused on to thrive during these tumultuous times."
About Financial Partners Credit Union
Member-owned and not for profit, Financial Partners Credit Union is dedicated to helping Californians build better lives. With more than $2.1 billion in assets and branches from San Francisco to San Diego, including new branches in Mission Viejo, Irvine, and Seal Beach, membership is open to everyone who lives in Southern California, as well as Alameda and South San Francisco. #BankSmarter! Visit FPCU.org or call 844.TRY.FPCU for details.
About Beacon Economics
Founded in 2007, Beacon Economics is a leading independent research and consulting firm dedicated to delivering accurate, insightful, and objectively-based economic analysis. Beacon Economics’ internationally recognized forecasters were also among the first and most accurate predictors of the U.S. mortgage market meltdown that began in 2007 – and among a relatively small handful of researchers who correctly calculated the depth and breadth of the financial and economic crisis that followed. Learn more at www.BeaconEcon.com.
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