The snow is falling in the Northeast and other parts of the country are seeing snow for the first time in a long time and in some cases ever! Snowstorms can often have a very significant impact on the economy and business, and in fact the storms of a few winters ago caused the Gross Domestic Product (GDP) of the USA to fall by 2.1% in the first quarter of the year! There was so much lag time in service that inventory got backed up and the supply chain was interrupted.
Snow storms are particularly bad for hourly employees such as restaurant workers who wont be called into work the day of the storm and possibly for days after. On the other hand, snow plow drivers and folks who shovel will benefit tremendously from the weather. In the storms from a few winters’ ago a roofing company we are familiar with had many hourly laborers shoveling off roofs for weeks! Of course all the skiers love the snow and the economy around the mountains flourish in the snow!
Listen below as Win Damon and Stu talk about this topic on WJOP Joppa radio FM 96.3 in Newburyport.
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About Stu: With more than 29 years of experience as a credentialed tax professional, Stu Steinberg brings a broad depth of knowledge to his work. Stu founded Erock Tax to help provide tax strategies to individuals, families and small businesses. He uses his CPA expertise to help each client navigate their long-term debt and mortgage, gaining them the best deals and rates possible. Stu is passionate about empowering his clients through education about their tax health. He is highly energetic and brings a sense of optimism, creative problem-solving and a deep level of commitment to every Erock client.
For more information please visit our website at www.erocktax.com