TERRE HAUTE, Ind. (WTHI) -- Many businesses in the Wabash Valley have had to shut down and lay off employees. That's something one local economics professor said could be an issue when things start to open back up.
"This is unprecedented. There is nothing in America that compares to the world going from just fine on the 1st of March, to the end of March being, 'oh my goodness'," Dr. Robert Guell, Professor of economics at Indiana State University said.
With the coronavirus pandemic, many things are changing. Including how places conduct business and in turn, the economy.
"We're in that portion of the roller coaster that is going down at 60 degrees. We're just fine at the moment. Our refrigerators are stock full of hamburger meat because our grocery stores aren't, and our bathrooms are stuffed with toilet paper because our grocery stores aren't," Guell said. "And if we all went back to work tomorrow it would be like an unplanned vacation, but we're not going back to work tomorrow. We really don't know when we're going back to work."
The recent stimulus package is said to help the economy right now, but Guell said we have a long road ahead.
"Coming out of the Great Recession in 2008 was literally the slowest recovery in American history. It took until about 2014 to fully recover," he said. "If we have that kind of recovery, then I'm not convinced that this won't be a longer experience than we're hoping for."
Dr. Guell said a big problem we may see is the fact that a lot of people got laid off all at once and he doesn't think those people will get hired back as quickly as they got laid off.
Simply because we will see some businesses not in high demand like they once were and they won't need the same amount of employees.