Episode Transcript
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Speaker 1 (00:00):
Ginagondak Keena Dixon on Colorado's Morning News. The federal government
shutdown now entering day nine, as the Senate again failed
to advance two measures aimed at reaching a deal.
Speaker 2 (00:08):
Now Americans are feeling the steeing of the lack of
federal funding iss Senate lawmakers remain unwilling to budge on
what they want for the next funding bill. Joining us
now in the KAA Common Spirit Health Hotline is Vice
president of EP Wealth Advisors, Chuck Bautista. Chuck, thank you
for joining us. Look, this has been a year of
economic uncertainty, and a lot of that is coming from
(00:29):
some of the decisions made by the White House. We
understand how the United States impacts the global economy, but
now this government shutdown is sort of adding another layer
to it. What are people looking at when it comes
to this outlook here as we start quarter four.
Speaker 3 (00:45):
Well, first of all, thanks so much, Tin and Kennan
for having me on. I think the biggest thing that
we're looking at from the federal shutdown perspective is it's
delaying the release of some economic reports like the job
support from the Labor Department, for example, and that does
become a little bit of concern. We're wanting to make
(01:06):
sure that we have a good grasp on what direction
the labor market is moving. So what we're focusing on
instead is going to be private sector data from groups
like ADP which have started or continue to show a
decline in jobs. Last month there was a thirty thousand,
a decline of thirty thousand jobs, which was missed expectations
(01:30):
and just indicated a continuing cooling labor market.
Speaker 1 (01:33):
What about pocketbook issues? What could consumers see in the
days ahead if this government shut down continues for days
and days and days, can there be a lot of
impacts on a consumer level a local American, just average
American in their pocketbook.
Speaker 3 (01:48):
Yeah, so, I think the biggest thing to pay attention
to when it comes to this, first and foremost, the
discretionary spending from the federal government is going on. Positive,
that's only really about twenty five percent of federals Mandatory
programs like Social Security and Medicare and Medicaid are going
to continue. And just to put this in perspective, back
in twenty eighteen and nineteen, the government shut down for
(02:10):
about thirty five days, and that shaved about three billion
dollars from GDP, which seems like a really big number
until you realize and put it into the context of
a thirty trillion dollar economy, So it was kind of
a minimal impact on the pocketbooks at that point in time.
Speaker 2 (02:27):
We're starting to see some parallels too some years past.
Nineteen seventy nine has been brought up quite a bit
recently and the gold price spiking. Then a lot of
parallels with the issues in the Middle East, a Russian
invasion of a neighbor, and inflationary concerns, not the inflation
levels that we saw in that era of the late
(02:47):
seventies early eighties, but still concerns for Americans, and with
a sort of stagnant job growth in economy. But we're
seeing a lot more people invest in some of the
commodities like gold and other metals. What is this telling us?
What is this an indicator of It.
Speaker 3 (03:07):
Is an indicator of concern about the dollar, first of all.
So I think that when you see fund assets starting
to flow into gold, that tends to show that there's
a little bit of weakness in the dollar, which is
evident if you simply look at the charts. What we
would say. What I would say is that for individuals
(03:28):
who are looking to invest, I mean I think that
always having a plan, an overall plan, not warrying too
much about what's happening in the short term or the
intermediate term in terms of your overall investment portfolio is important.
To keep your eye on the price from the long
term perspective, if you will. Having said that, there is definitely,
you know, some concern and as it relates to the dollar,
(03:51):
and that's impacting the price of gold for sure.
Speaker 1 (03:55):
Vice president to BP Wealth Advisors, it's Chuck Botis appreciate
your time this time this morning.
Speaker 2 (04:00):
Thank you, Thanks so much.
Ginagondak Keena Dixon on Colorado's Morning News. The federal government
shutdown now entering day nine, as the Senate again failed
to advance two measures aimed at reaching a deal.
Speaker 2 (00:08):
Now Americans are feeling the steeing of the lack of
federal funding iss Senate lawmakers remain unwilling to budge on
what they want for the next funding bill. Joining us
now in the KAA Common Spirit Health Hotline is Vice
president of EP Wealth Advisors, Chuck Bautista. Chuck, thank you
for joining us. Look, this has been a year of
economic uncertainty, and a lot of that is coming from
(00:29):
some of the decisions made by the White House. We
understand how the United States impacts the global economy, but
now this government shutdown is sort of adding another layer
to it. What are people looking at when it comes
to this outlook here as we start quarter four.
Speaker 3 (00:45):
Well, first of all, thanks so much, Tin and Kennan
for having me on. I think the biggest thing that
we're looking at from the federal shutdown perspective is it's
delaying the release of some economic reports like the job
support from the Labor Department, for example, and that does
become a little bit of concern. We're wanting to make
(01:06):
sure that we have a good grasp on what direction
the labor market is moving. So what we're focusing on
instead is going to be private sector data from groups
like ADP which have started or continue to show a
decline in jobs. Last month there was a thirty thousand,
a decline of thirty thousand jobs, which was missed expectations
(01:30):
and just indicated a continuing cooling labor market.
Speaker 1 (01:33):
What about pocketbook issues? What could consumers see in the
days ahead if this government shut down continues for days
and days and days, can there be a lot of
impacts on a consumer level a local American, just average
American in their pocketbook.
Speaker 3 (01:48):
Yeah, so, I think the biggest thing to pay attention
to when it comes to this, first and foremost, the
discretionary spending from the federal government is going on. Positive,
that's only really about twenty five percent of federals Mandatory
programs like Social Security and Medicare and Medicaid are going
to continue. And just to put this in perspective, back
in twenty eighteen and nineteen, the government shut down for
(02:10):
about thirty five days, and that shaved about three billion
dollars from GDP, which seems like a really big number
until you realize and put it into the context of
a thirty trillion dollar economy, So it was kind of
a minimal impact on the pocketbooks at that point in time.
Speaker 2 (02:27):
We're starting to see some parallels too some years past.
Nineteen seventy nine has been brought up quite a bit
recently and the gold price spiking. Then a lot of
parallels with the issues in the Middle East, a Russian
invasion of a neighbor, and inflationary concerns, not the inflation
levels that we saw in that era of the late
(02:47):
seventies early eighties, but still concerns for Americans, and with
a sort of stagnant job growth in economy. But we're
seeing a lot more people invest in some of the
commodities like gold and other metals. What is this telling us?
What is this an indicator of It.
Speaker 3 (03:07):
Is an indicator of concern about the dollar, first of all.
So I think that when you see fund assets starting
to flow into gold, that tends to show that there's
a little bit of weakness in the dollar, which is
evident if you simply look at the charts. What we
would say. What I would say is that for individuals
(03:28):
who are looking to invest, I mean I think that
always having a plan, an overall plan, not warrying too
much about what's happening in the short term or the
intermediate term in terms of your overall investment portfolio is important.
To keep your eye on the price from the long
term perspective, if you will. Having said that, there is definitely,
you know, some concern and as it relates to the dollar,
(03:51):
and that's impacting the price of gold for sure.
Speaker 1 (03:55):
Vice president to BP Wealth Advisors, it's Chuck Botis appreciate
your time this time this morning.
Speaker 2 (04:00):
Thank you, Thanks so much.
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