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![Page 1: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/1.jpg)
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Economics, Government Relations and the Club Community
May 21, 2020
Presented byCongressman Dan Kildee (D-Mich.), Chief Deputy Whip, U.S. House of RepresentativesCurtis Dubay, Lead Economist U.S. Chamber of CommerceTerra S.H. Waldron, CCM, CCE, ECM, Chair, National Club Association and Chief Operating Officer, Greensboro Country Club
Moderated by Joe Trauger, VP of Government Relations, National Club Association
![Page 2: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/2.jpg)
Visit nationalclub.org/coronavirus for more information
Henry Wallmeyer
President and CEONational Club Association
![Page 3: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/3.jpg)
nationalclub.org/coronavirus
![Page 4: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/4.jpg)
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Joe Trauger
Vice President of Government RelationsNational Club Association
![Page 5: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/5.jpg)
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Congressman Dan Kildee
Chief Deputy Whip of the House Democratic Caucus U.S. House of RepresentativesMichigan's 5th Congressional District
![Page 6: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/6.jpg)
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Curtis Dubay
Lead Economist U.S. Chamber of Commerce
![Page 7: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/7.jpg)
Curtis Dubay
Senior Economist, U.S. Chamber of Commerce
May 2020
![Page 8: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/8.jpg)
282,000
3,307,000
6,867,000 6,615,000
5,237,000
4,442,000
3,867,000
3,176,000 2,981,000
100,000
1,100,000
2,100,000
3,100,000
4,100,000
5,100,000
6,100,000
Week ofMarch 14
Week ofMarch 21
Week ofMarch 28
Week ofApril 4
Week ofApril 11
Week ofApril 18
Week ofApril 25
Week ofMay 2
Week ofMay 9
Historically High Unemployment Insurance Claims Continue - But are Declining
![Page 9: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/9.jpg)
1.1%
3.1%
2.0% 2.1% 2.1%
-4.8%-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
Economic Growth Fell Steeply in the First Quarter
![Page 10: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/10.jpg)
-30.0%
-39.6% -39.0% -40.0%-38.0%
-32.0%
-22.3%
-34.4%
-40.0%
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
B of A CBO Goldman Sachs J.P. Morgan Morgan StanleyOxford
Economics Wells Fargo Average
Second Quarter Contraction Will Be Steep
![Page 11: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/11.jpg)
2.1%
-4.8%
-34.4%
19.9%
7.7%
-5.1%
2.3%
-35.0%
-25.0%
-15.0%
-5.0%
5.0%
15.0%
2019 Q4 Q1 Q2 Q3 Q4 2020 Annual 2021 Annual
U.S. Economic Growth will Contract Sharply in First Half of 2020
Source: U.S. Chamber of Commerce and Various
![Page 12: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/12.jpg)
$21,729
$21,537
$19,690
$20,675
$21,073$21,194
$21,316$21,438
$21,562$21,686
$21,810
$18,500
$19,000
$19,500
$20,000
$20,500
$21,000
$21,500
$22,000
2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2
GDP Returns to Pre-Shock Level in 2022 Q2
![Page 13: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/13.jpg)
1.83
1.251.52 1.72
2.08 1.891.59 1.55 1.58 1.44
1.13
-3.23
-6.75
-8.41
-10.38-10.86 -10.9 -10.91
-11.14
-12
-10
-8
-6
-4
-2
0
2
Jan 04 Jan 11 Jan 18 Jan 25 Feb 01 Feb 08 Feb 15 Feb 22 Feb 29 Mar 07 Mar 14 Mar 21 Mar 28 Apr 04 Apr 11 Apr 18 Apr 25 May 02 May 09
Weekly Economic Index Continues to Drop- But Slower
![Page 14: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/14.jpg)
-12
-10
-8
-6
-4
-2
0
2
4
61
/5/2
00
8
3/1
/200
8
4/2
6/2
00
8
6/2
1/2
00
8
8/1
6/2
00
8
10/1
1/2
008
12/6
/20
08
1/3
1/2
00
9
3/2
8/2
00
9
5/2
3/2
00
9
7/1
8/2
00
9
9/1
2/2
00
9
11/7
/20
09
1/2
/201
0
2/2
7/2
01
0
4/2
4/2
01
0
6/1
9/2
01
0
8/1
4/2
01
0
10/9
/20
10
12/4
/20
10
1/2
9/2
01
1
3/2
6/2
01
1
5/2
1/2
01
1
7/1
6/2
01
1
9/1
0/2
01
1
11/5
/20
11
12/3
1/2
011
2/2
5/2
01
2
4/2
1/2
01
2
6/1
6/2
01
2
8/1
1/2
01
2
10/6
/20
12
12/1
/20
12
1/2
6/2
01
3
3/2
3/2
01
3
5/1
8/2
01
3
7/1
3/2
01
3
9/7
/201
3
11/2
/20
13
12/2
8/2
013
2/2
2/2
01
4
4/1
9/2
01
4
6/1
4/2
01
4
8/9
/201
4
10/4
/20
14
11/2
9/2
014
1/2
4/2
01
5
3/2
1/2
01
5
5/1
6/2
01
5
7/1
1/2
01
5
9/5
/201
5
10/3
1/2
015
12/2
6/2
015
2/2
0/2
01
6
4/1
6/2
01
6
6/1
1/2
01
6
8/6
/201
6
10/1
/20
16
11/2
6/2
016
1/2
1/2
01
7
3/1
8/2
01
7
5/1
3/2
01
7
7/8
/201
7
9/2
/201
7
10/2
8/2
017
12/2
3/2
017
2/1
7/2
01
8
4/1
4/2
01
8
6/9
/201
8
8/4
/201
8
9/2
9/2
01
8
11/2
4/2
018
1/1
9/2
01
9
3/1
6/2
01
9
5/1
1/2
01
9
7/6
/201
9
8/3
1/2
01
9
10/2
6/2
019
12/2
1/2
019
2/1
5/2
02
0
4/1
1/2
02
0
WE
IWeekly Economic Index Lower than any Point in Financial Crisis
![Page 15: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/15.jpg)
$3,000,000
$3,500,000
$4,000,000
$4,500,000
$5,000,000
$5,500,000
$6,000,000
$6,500,000
$7,000,000
$M
illio
ns
Federal Reserve Total Assets are Growing Rapidly
$6.9 trillion
$4.4 Trillion
![Page 16: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/16.jpg)
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
2018-01-03 2018-04-03 2018-07-03 2018-10-03 2019-01-03 2019-04-03 2019-07-03 2019-10-03 2020-01-03 2020-04-03
Composition of Federal Reserve's Assets
Treasuries MBS Currency Swaps Other
![Page 17: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/17.jpg)
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
2018-01-03 2018-04-03 2018-07-03 2018-10-03 2019-01-03 2019-04-03 2019-07-03 2019-10-03 2020-01-03 2020-04-03
$M
illio
ns
Bank Reserves Rising Rapidly
Currency Deposits Other
![Page 18: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/18.jpg)
Visit nationalclub.org/coronavirus for more information
Terra S.H. Waldron, CCM, CCE, ECM
ChairNational Club Association
Chief Operating OfficerGreensboro Country Club
![Page 19: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/19.jpg)
Visit nationalclub.org/coronavirus for more information
Economics, Government Relations and the Club Community
![Page 20: Economics, Government Relations and the Club Community · Economics, Government Relations and the Club Community May 21, 2020 Presented by Congressman Dan Kildee (D-Mich.), Chief](https://reader034.vdocuments.us/reader034/viewer/2022050507/5f986f52f83d0a71262ee23c/html5/thumbnails/20.jpg)
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