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Published Saturday, October 31, 2009 in Opinion
Economic recovery - 'it's going to take awhile'
Editorial
Despite indications this horrible recession has bottomed out, we have heard strong words this week that an economic turnaround is still more than a year away and that the state budget crisis will continue.
Noted economist Donald Ratajczak said at an Economic Forecast Breakfast that while he sees much optimism for 2011, he is not expecting much reason to celebrate in 2010.
Coweta state Sen. Mitch Seabaugh spoke to a group of Newnan-Coweta Chamber of Commerce members about the state budget. Seabaugh's comments were not positive, but likely realistic. He said the state budget crisis is nowhere near being over. The forecast is for continuing state revenue shortfalls to cause more massive state spending cuts for the next two years. Seabaugh says it's time to "identify what the state should be doing, fundamentally, and get the government out of the rest."
This economic downturn, which has been called the worst since the Great Depression, can't be fixed with a magic wand. There simply is no quick fix. It will take time. Ratajczak knows his stuff, and he is likely correct when he says it will be 2011 before we see growth in the economy.
Ratajczak said the pieces are slowly moving into place for recovery, but "it's going to take awhile to build that foundation."
We want a quicker fix, but that seems impossible.
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Seabaugh is correct...One of the upsides of this disaster is the self-examination that results at every level. The economy will not turn around until the following occurs: repeal the stimulus and all related expenditures;kill the healthcare bills; reduce capital gains taxes by half; cut marginal income tax rates top to bottom; reinstate 100% investment tax credit for new plant and equip.; abolish death tax for good.
Posted by Pete Mullins at 10:22 AM
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worst is yet to come
11/2/2009
Link To This Comment
what magic trick is going to bring a turnaround by 2011? commercial real estate has been predicted to be the next to go. we have a weak dollar and no jobs. state & city governments are on the brink. and we have an administration that is hostile to free markets. the 120% increase in printed dollars hasn't even hit the economy yet. a recovery can't occur when interest rates will be sky high. there is a war being waged on the middle class.
Posted by Katie B. at 8:26 AM