Mind on Money: Emerging from the fog of COVID | F. Marc Ruiz: Your mind on money

Mind on Money: Emerging from the fog of COVID |  F. Marc Ruiz: Your mind on money

I could quote a myriad of recent economic statistics to support my point, but I don’t think I have to, as most of us have experienced these phenomena firsthand by now. It sometimes feels like we are collectively caught “on hold’ right now when it comes to consumer goods and services. In the post-COVID world, things we took for granted, like inventory and customer service, pre-pandemic just don’t seem to apply anymore.

In the post-COVID economy, using economist speak, it turned out to be much easier to stimulate demand than it did to reconstitute supply. Our modern “on-demand” economy is a marvel of technology, transportation and logistics, but as we are finding out, it only takes one glitch in the chain to turn an impressive process into a locked-up mess, and with the productivity of “work at home” dropping through the floor, it seems no one is even picking up the phone any more to listen to customer problems, let alone solve them. Clients are telling me furniture deliveries are taking three or four months. Headlines say new cars, if they can be found, are flying off the lots and used car prices are about as much as brand new ones.

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