Maria Aspin

Well, first of all, we'll probably just buy less stuff, and that has a direct impact on consumer-facing businesses. Take airplane tickets, for example. Scott, if you or I get worried about a recession, we might decide not to buy tickets or to not take that summer vacation. And in fact, that seems to be what's happening. Delta Airlines, for example, it had a great start to 2025.

Well, first of all, we'll probably just buy less stuff, and that has a direct impact on consumer-facing businesses. Take airplane tickets, for example. Scott, if you or I get worried about a recession, we might decide not to buy tickets or to not take that summer vacation. And in fact, that seems to be what's happening. Delta Airlines, for example, it had a great start to 2025.

In January, it told investors that this would be its best financial year ever. But by Wednesday, Delta canceled that forecast. And this is what CEO Ed Bastian told CNBC.

In January, it told investors that this would be its best financial year ever. But by Wednesday, Delta canceled that forecast. And this is what CEO Ed Bastian told CNBC.

In January, it told investors that this would be its best financial year ever. But by Wednesday, Delta canceled that forecast. And this is what CEO Ed Bastian told CNBC.

Now, Bastian said some of that uncertainty is affecting consumers, but Delta also sells a lot of tickets to business travelers. And when businesses don't know what to expect, they also tend to pull back on spending.

Now, Bastian said some of that uncertainty is affecting consumers, but Delta also sells a lot of tickets to business travelers. And when businesses don't know what to expect, they also tend to pull back on spending.

Now, Bastian said some of that uncertainty is affecting consumers, but Delta also sells a lot of tickets to business travelers. And when businesses don't know what to expect, they also tend to pull back on spending.

Yeah, in a lot of ways. I mean, some are obvious. When businesses don't want to spend money, they don't hire. They don't open new offices. Maybe they have layoffs. And of course, that's a big deal. But there are also these more hidden decisions that still trickle down to consumers. For example, if big companies and private investors get worried about the future, they're going to take fewer risks.

Yeah, in a lot of ways. I mean, some are obvious. When businesses don't want to spend money, they don't hire. They don't open new offices. Maybe they have layoffs. And of course, that's a big deal. But there are also these more hidden decisions that still trickle down to consumers. For example, if big companies and private investors get worried about the future, they're going to take fewer risks.

Yeah, in a lot of ways. I mean, some are obvious. When businesses don't want to spend money, they don't hire. They don't open new offices. Maybe they have layoffs. And of course, that's a big deal. But there are also these more hidden decisions that still trickle down to consumers. For example, if big companies and private investors get worried about the future, they're going to take fewer risks.

They'll cut back on investing with startups or lending to small businesses. And if those startups and small businesses can't get money, they can't grow and produce new products and services we all might use. So these are the sorts of business decisions that can affect consumers and the entire U.S. economy months or years down the line.

They'll cut back on investing with startups or lending to small businesses. And if those startups and small businesses can't get money, they can't grow and produce new products and services we all might use. So these are the sorts of business decisions that can affect consumers and the entire U.S. economy months or years down the line.

They'll cut back on investing with startups or lending to small businesses. And if those startups and small businesses can't get money, they can't grow and produce new products and services we all might use. So these are the sorts of business decisions that can affect consumers and the entire U.S. economy months or years down the line.

which means that all of this vague uncertainty can lead to a lot of potential long-term consequences.

which means that all of this vague uncertainty can lead to a lot of potential long-term consequences.

which means that all of this vague uncertainty can lead to a lot of potential long-term consequences.

Thank you so much.

Thank you so much.

Thank you so much.