What Decade Are We In?

A little over a year ago, we shut down the U.S. economy to slow the spread of COVID-19. It was a painful, difficult process, and thankfully, we seem to be on the other side. But it turns out that reopening our economy isn’t easy either. Who would have thought that the same auto plants that went idle last March would once again be closed — this time because of a chip shortage? Who could have imagined flying somewhere but not being able to find a rental car when you land? And who would have expected hotels, restaurants and theme parks to be paring back their menus and hours just when consumers are ready to travel and eat out again? We are seeing elevated net worth — from fiscal stimulus, quarantine-suppressed spending and rising asset prices — funding pent-up demand from consumers exhausted from isolation and freed by vaccines and warmer weather.