CORNING – Areas throughout New York State are starting to reopen, but many are wondering if and when those regions economies will fully recover to where they stood prior to the COVID-19 pandemic.
WNYNewsNow asked Congressman Tom Reed, who has been a staunch supporter of a regional reopening approach, where he expects the local economy to stand as Chautauqua, Cattaraugus and other counties reopen. Reed says he sees the economy bouncing back over the next few months as each reopening phase progresses.
“I do believe because the economy was so strong coming into this crisis that there is a great potential to recover and rebound,” Reed said. “I do recognize that there is structural damage going on with the economy given the nature of the bankruptcies and closures because when you go two, three months without cash flow. That is a problem that is difficult to maintain those business operations and keep those people employed.”
Reed says that the future will be bright once the nation begins to recover.
“I do believe there’s an upside here once we get through that recovery phase, and we will also see what’s necessary in regards to a stimulus package that could potentially be put together in regards to not only recovery dollars, but things like infrastructure, that trillion dollar investment in America that needs to be done,” Reed said. “Might as well do it right now, in my opinion, with zero percent money out there and that will have a huge fiscal stimulus long term, because we aren’t just talking about shovel-ready jobs in that infrastructure bill, we are talking about making that sound, long term investment necessary to rebuild America which has that ripple effect of a positive impact on the economy.”
The Congressman says he realizes the journey isn’t over, but he believes the nation will get through it together.
“We’ve got a road ahead of us, and it’s going to be us working together, and it’s going to be a difficult road at times, but I know we are going to get through this because of the potential that we had coming into this, and also the potential of the American people that when they’re united in a vision, it’s amazing what they can accomplish.”
WNYNewsNow will continue to cover the ongoing COVID-19 pandemic, putting facts over fear.