ROCHESTER, Minn. - The U.S. Bureau of Economic Analysis reports the gross domestic product has decreased at a rate of 4.8 percent in the first quarter of 2020 - the worst plunge in a decade.
Economics expert Rayce Hardy says America is in a recession. Now that we are experiencing a downturn, Americans will feel a huge impact.
"We're gonna feel this for years, sectors of this economy has been devastated by this," Hardy said. "It's not just COVID. COVID has devastated, we had trade wars, which devastated, we had prior to COVID, we had more bankruptcies in the dairy industry."
Hardy says now is the time for young people to invest in a ROTH-IRA. He also says the average American is saving more money - a dime to the dollar.