C. Michael Hogan, Carmel CA

C. Michael Hogan

C. Michael Hogan

Recommendations Given (52)
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Recent Activity

C. from C. Michael Hogan Answered this on September 25, 2023
As someone who studies the U.S. economy closely, as well as the Monterey Peninsula economy, I respond to this question from an academic more than a personal standpoint. It is clear that the U.S. economy is under severe stress, mainly from the huge cumulative increase in inflation within the last... (more) As someone who studies the U.S. economy closely, as well as the Monterey Peninsula economy, I respond to this question from an academic more than a personal standpoint. It is clear that the U.S. economy is under severe stress, mainly from the huge cumulative increase in inflation within the last 2.5 years, and also the skyrocketing interest rates. Since the average credit card debt ( as well as total household debt) has soared and average family net worth has declined by about $50,000 over the last 2.5 years, consumers are under enormous pressure. Thus the outlook for most California businesses is poor. Monterey County is somewhat of a bubble due to our tourism income and above average household wealth. Personally, I am insulated from most of this downturn, since most of my income is from international and national investments; this insulation does not make me happy, but sad for the majority of people suffering and sad that most of the adverse impacts are caused by poor fiscal and policy decisions of our state and federal leaders.