Livingston County News | Bob Confer: The Coronavirus Economy Is Real

The political belief system that has been claiming for a few years now that "fake news" is everywhere has wholeheartedly pledged to create and believe its own in recent weeks.

During the month of February, Rush Limbaugh, Sean Hannity, Laura Ingraham and hundreds of Internet writers claimed that concerns about the coronavirus were mostly unjustified and that the focus on contagion was a conspiracy of the main media and the Democratic Party. to weaken the economy and / or Donald Trump's chances of being re-elected in November.

Let it penetrate.

We believe that the massive downturn in the stock market is only a creation of the partisan fear of Nancy Pelosi and Charles Schumer and has nothing to do with difficult economic conditions.

Unfortunately, many people believe this. Take a look at social media to see how many people share these thoughts.

It is unfortunate that so many people have been duped because the coronavirus and its resulting economy are real. Being in the trenches of the global economy as a manufacturer and someone who consumes real "real news", I saw that happen and thought about what the rest will look like of 2020.

After observing the scope and power of the disease in international news coverage for a few weeks in early January, I figured that there would be economic disruption galore and the potential for a pandemic world. So I made the decision six and a half weeks ago to transfer all of my 401 (k) – the balance and all future inputs – into my plan's guaranteed account until the coronavirus is content.

I'm glad I did. As we saw last week, Wall Street finally realized that things were going wrong. When I wrote this column, the stock market had lost 10% of its value from its recent high in just a few days and the day's futures were showing even more decline. Where is the bottom?

In the weeks following my 401 (k) bet and before the stock market collapse, my economic assumptions proved to be justified in many ways in my daily business.

A few companies contacted me at the factory to see if we would be interested in manufacturing their products which are currently being made in China. The disruption of their supply chain, following painful tariffs, leads them to reconsider how and where they do business. As things stand, they will not have the products they expect or need for the foreseeable future.

While it may work for the projects we can manufacture for them, there are many more items than the manufacturing sector in the United States does not have the capabilities to manufacture in the short term. For example, we produce cabinets for the spa industry in which some players have expressed concern as to what they will or will not produce later this season as they cannot or do not will not have access to LED lights, stereos and more that enhance modern spas.

Another of our customers sells products sold in big box stores. One of them came to him and asked him if he could have something – something – that they could put on their shelves because they fear that their stores – and bottom line – appear bare in the coming months due to their dependence on outsourcing companies.

If someone is all-in with Asian suppliers, what does coronavirus and all its uncertainty do to their financial viability in 2020 and beyond? If someone depends in part on the same thing, what does it do to their profitability this year?

Are consumers ready to face lower, if not completely different, stocks and selections at ecommerce stores and retailers? Will they pay higher prices for domestic products?

We are just a company, a small factory in the small county of Niagara, observing the effects of coronavirus in the world. Imagine the hundreds of thousands of major players involved in international trade: what do they see? How do they feel? What are they planning?

So yes, there are real reasons behind the real concern on Wall Street and Main Street. It is not a conspiracy.

That said, I encourage you to get your news from reliable and diverse sources, not from commentators who pretend to be – and who you might think to be – news. The Hannitys and Limbaughs of the world are well-paid, (in) famous opinion leaders, out of touch with the real world, leading horrible discussions and inciting group thinking. They are no different from their counterparts on the other side whom they despise (like those of CNN and MSNBC) who also "report" things with bias and motive.

We are all together in this battle against coronaviruses – everything does not need to be politicized. As with all issues, it needs reasonable and thoughtful analysis, study and coverage. Failure to provide this will hamper adequate preparation and action, not only in the economy but also in our communities.

Bob Confer is a columnist for the Daily News and president of Confer Plastics. He can be reached at [email protected]. You can follow him on Twitter @bobconfer.