The US and indeed the world is in a deep recession that is likely get worse, with projections from White House economist Larry Kudlow that US GDP could fall 30% in Q2 – a drop not seen since the Great Depression in the 1930s.
What to do now? No one is very sure, with the US Federal Reserve printing money to stabilize debt markets and the federal government spending trillions in various stimulus measures.
Jim Tompkins, now chairman at consulting and systems firm Tompkins International after just recently leaving the CEO role, has his own thoughts – as he has in the past in dark economic times.
In mid-2009, for example, in the midst of the financial crisis and the Great Recession, Tompkins began pushing the concept of "comeback planning," based on his historical analysis that said company profits and business expansion would turn positive by the end of the year, a forecast that largely proved accurate.
Now, Tompkins is out with a new opinion paper he calls Restarting the Economy: Guidance for Public and Private Leaders