Greater Palm Springs Economic Report
Authors: Coachella Valley Economic Partnership (CVEP)
Publication: Coachella Valley Economic Partnership (CVEP)
The initial title for this report was going to be “What Goes Down Must Come Up — Sloooowly”. The image we wanted to plant in your mind was that there had been a steep recession during the first two quarters of 2020, and that the economy was recovering steadily following a spectacular initial improvement that is less amazing in its current phase. But this is not a V-shaped cycle, it is more like the first bounce back of a bungee jump; you have not returned from where you started off. Then one of my research analysts convinced me that not even her parents would get the Blood Sweat and Tears reference in the title (Spinning Wheels), although her grandparents might, and she confirmed that with a text to her mother. Ouch. Well, then the current title should mean something for the younger audience. This economic cycle was not “lights off-lights on” with the room shining as bright when compared to February 2020. To stress the point, that would be a V-shaped event. Instead, and similarly to the first game of the Netflix series Squid Game, not all players are still alive when the red light finally turns to green – similar to not all firms and workers still “being there” after the initial downturn. Note that in the game, there was some authority which turns off the lights (lockdown) and turns them back on.