If you’re wondering about the U.S. economy, talk to Paul Cardarella. The not-so-new Waunakee Rotary Club member gave his classification talk at the Jan. 6 meeting and offered a fairly optimistic outlook for 2022.
Paul is the vice president of commercial banking for the State Bank of Cross Plains in Waunakee. He lives with his wife and two teenage children in Waunakee. A native of Madison, Paul joined State Bank of Cross Plains in April.
Speaking to the club about the U.S. economy, Paul noted that the GDP, consumption of goods, is used to measure economic health. COVID-19 in 2020 caused the GDP to plunge, but Federal stimulus funds have helped it even out. Problems in the supply chain have affected car sales, and with demand higher than supply, companies have increased inventories. Ships are piling up, and business owners have learned that it takes longer to receive goods.
Meanwhile, corporate profits are skyrocketing, and corporations are buying their own stocks.
The labor market also plummeted with COVID and not all people who were working have returned. Across the U.S. 1.9 million decided to retire and 2 million individuals are starting their own businesses, creating a boom in firm creation.
Housing sales have remained strong, and apartment vacancies are down. Paul said millennials will control the markets. Those recent college graduates are now living in apartments and paying their student debts. It’s expected in 10 years, they will be buying homes.
The recent census showed people are moving to Wisconsin, another hopeful sign for the state.
Paul predicted 2022 will be a good year. The Fed is not expected to raise interest rates until the end of the year, and the U.S. should create 2 million job, he said, emphasizing the tentativeness in the word “should.”
Guests: Dan Ujdak, guest of Ken Ballweg, and Tatiana Drakey, guest of Kim Lengfield.
Visiting Rotarians: None.
Other news:
-David Dargenio received an award and bonus which he donated to the club. His $3,000 donation went toward the Rotary in Lights trailer. Thanks, David.
-Tom Kennedy is resurrecting the morning Rotary Club. Monthly meetings will be at the Waunakee Senior Center on the second Tuesday. The first meeting will be at 7 a.m. Jan. 11. They are useful for those who cannot attend a noon meeting.
-Saturday is the big take-down day for the Rotary Lights.
Birthdays Jan. 16, Kevin McDaniel; Jan. 18, Rich Harris.
Anniversaries: None
Greeters: Jan. 13, Ryan Walsh and Sean Wayne; Jan. 20, David Weishoff and Alex Welk; Jan. 27, Sarah Whitley and Phil Willems.
