Watching the GDP collapse by 33 percent, the worst in this country’s history, has Mike Sullivan very nervous.
“We were basically shutdown for that period of time, so they thought the numbers would be even worse since almost all the businesses were closed. “
This marks a historic low, four times worse than the decline during 2008, the nadir of the global financial crisis.
“This was more profound. We never had anything like this before that I am aware of. “
Sullivan predicts the first wave of evictions and foreclosures will come this fall, possibly rivaling the catastrophe of the Great Depression.
“It looks like Pennsylvania, just like the rest of the country has about 40 percent of its renters that are subject to eviction. “
Sullivan explains, eviction laws were put on hold during the pandemic, but in the months ahead, landlords will come to collect.
“Many times, all across the country these people are several months behind on their rent. It’s a terrible situation and I feel sorry for them. “
Many small business owners aren’t sure how they are going to survive.
“There are many days I work to lose money, usually in the summer you bank to make money but I have no idea how I am going to pay my bills in the winter. “
Laurel Gardner invested big money, setting up outdoor seating at her restaurant, but diners aren’t flocking in.
“I had to spend thousands of dollars to put outside dining in and it helps a little bit, but it only helps a little bit people are still afraid. “
And for Sullivan, that fear isn’t going away, and it could take months, possibly years for anything returns back to normal.
“There are people who won’t go to a restaurant, they won’t go to the theater, they won’t go to a sporting event and that’s just the way it is. “