Will there be a recession?

Looking at 2008

The coronavirus has all but shut down the economy.

Many americans are fearful of where their next paycheck comes from.

Many of us remember the great recession of 2008 and wonder to what extent we will endure a coronavirus recession.

Kimt news 3's isabella basco is looking into the potential economic impact of this virus.

Isabella?

Downtown rochester is full of businesses... businesses that are impacted by the shutdown... like the rest of the country.

How much worse can it get?

I'm finding out.

A strong economy is the backbone of this country.

But the coronavirus is threatening another great recession."

So i wanted to know... how much trouble are we in?

I posed that question to rayce hardy who teaches economics at riverland community college.

Isabella: will this coronavirus pandemic cause another recession?

Rayce hardy: "i guess in my opinion, we might already be there."

Isabella: could this recession be as bad as 2008?

Rayce hardy: "sadly i'm going to have to say yes, i don't think it's going to be as longá lived, anywhere near that but the economic downtown is easily going to be as great as it was in 2008."

Hardy cites low interest rates as a harbinger of potential economic doom.

"in 2008, interest rates weren't high but they weren't near zero.

Right now interest are nearly zero we cannot do monetary policy in the form of interest rate adjustments, in fact in europe, they are negative."

Millions of business owners are already feeling the pressure.

Shannon norwood owns sunflower photography.

Without clients á she has no money.

"we at least need 10á15 a month to at least maintain our bills just at the studio that doesn't cover our bills at home."

Isabella: "right now you don't have anyone coming up right?"

"none, none."

Hardy believes we need to learn from this pandemic so that we are shannon tells me she will try to maintain her business by doing "distance shooting."

She'll still shoot outdoors at parks or other places.

You'll be able to get your photos at a distance.

Live in rochester ib kimt news 3.

President donald trump has repeatedly expressed hope american businesses can relaunch by easter, april 12th.

But dr. anthony fauci, a member of the president's coronavirus task force, disagrees saying the president was merely trying to give people some hope.