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Expert optimistic on health of our economy amid Delta variant concerns

By and David Komer online producer
Published  July 21, 2021 5:51pm EDT
COVID-19 and the Economy
FOX 2 Detroit

FOX 2 - As the Delta Variant floats around, doctors are talking about the health of the country, with 56 percent of the US has had one shot. and 49 percent fully vaccinated.

But there are concerns with the Delta variant impacting the economy. Dewey Steffen with Great Lakes Wealth in Northville has a positive prognosis.

Delta variant's impact on the economy means long-term investment opportunities amid short-term worries.

As the Delta Variant floats around, doctors are talking about the health of the country, with 56 percent of the US having had one shot. and 49 percent fully vaccinated.

"The economy is doing very very well, so you can’t go backward for vaccinations unless there’s a new strain or something so where we are," he said. "The stock market is still within 2 percent of the all-time high and we think there’s a lot more to go."

So what happens if the Delta variant surges and starts attacking the country is an otherwise healthy economy? Dewey isn’t as concerned, pointing out two types of economies in this pandemic.

"A year ago it was the stay-at-home economy, now it’s the get out and go economy," he said. "If the Delta variant comes back in numbers surge, and people go back to isolate, then we will go back to the work from our home economy, investment landscape."

But what about the drop this week? Stocks took a hit all because of the doom some felt was impending because of Delta.

"This is normal, this is common, this is to be expected," Dewey said. "We have not had a 5 percent correction in the market in over a year. From top to bottom, the correction in the last week was less than 4 percent."

Steffen says the dings and dents that the otherwise robust economy is taking, are something we can use to our advantage.

"Long-term, the economy is sound, stocks and investments we are looking at, are sound,"  he said. "We look at the long-term strategy at the market - these are just short-term noises, use them to your advantage. Or, to answer your question, just stay the course and don’t pay attention."

Use the short-term noise to look for long-term opportunities.

Dewey says the Delta variant's impact can be boiled down to the number of vaccinations and whether there will be more restrictions in case of a spike in cases.