Monday December 13, 2010 | North Carolina Economic Forecast

December 8, 2010 at 1:12 pm | Posted in Coming Up | 6 Comments

President Obama has just come to an agreement with Republican leaders on a Bush-era tax cut extension that he says is necessary to aid the recovery of our economy. The deal includes extension of unemployment benefits as our jobless rate continues to be high. Despite record holiday spending in the last couple of weeks, many experts feel that the economy remains precarious. Frequent guest Dr. John Connaughton has released his latest economic forecast and he shares his thoughts on that forecast, and the economic year in review.

John Connaughton
– Professor of Economics at UNC Charlotte

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  1. Any recovery is going to be extremely slow going and is left up to us, the country, not those who’ve reaped the bottom line profits! The only thing that kept ronnynomics, free market {very small ‘c’} capitalism, going as long as it did were the credit schemes with extremely little wall street investments going back into the economy for growth. We’ve also lost consumers, for what little we still produce here, around the world with our failed policies and the rhetoric of hate and fear. Add that No One is forced to ‘sacrifice’ for the wars of choice except those serving and their families, even the results of the wars! As long as the hoarding continues, at the top, the little will be seen in innovation and job creation!

  2. John, you were making great sense until you talked about the SS trust fund as if it was worth something.

    To redeem a dollar of the trust fund, we must increase taxes or borrow one dollar.

    Please make that point clear.

    Thanks, Jerry

  3. So John, if the gov wants to redeem those special bonds in the SS trust fund, how to they turn those bonds into CASH?

  4. As far as mortgages and mortgage fraud there can be no “unwinding” because the procedures required in bundling and selling sub-standard products required erasure of the chain of ownership. I do not believe the mortgage scandal is over. it is only being covered up. Elizabeth Warren, the new Consumer Affairs Director, also warns that a wave of commercial default is on the way. The CDo’s and other derivatives related to these issues tends to funnel money to the extremely wealthy class. Income and wealth polarization are our biggest problem. Continued tax holidays contradict any solution. Will regular people ever make any real money again? 500 times the average salary is way too much for anyone. I think there’ll be a bust after Christmas, because many people are on their last credit card.

  5. My point on the SS trust fund is that the government has taken the SS surplus taxes over the years and squandered it on vote buying and in place of the real money issued Special Type A bonds that CANNOT be sold in financial markets. The ONLY way to redeem those bonds is to RAISE TAXES or BORROW money.
    So, your 2.5 Trillion $ trust fund is worth absolutely NOTHING!

    Please recognize this obvious point before I assume you slept thru logic 101. LOL

    Thanks, Jerry

  6. Revive local towns and communities. Make neighborhoods and towns more self sufficient, start towns and villages instead of dependent urban and suburban ‘bedroom communities.’ Make manufacturing less intensive and more local/regional. Restart local food production. Have demolition crews go in to cities and tear down old buildings, put in better stuff. Embark upon large scale environmental restoration.

    The point is that the ‘massification’ of everything in the last few decades has lead to huge overproduction, which in turn leads to unemployment as all socioeconomic basic needs are filled the masses fight amongst themselves for the scraps. Instead of continuing to upscale, we are going to need to slow down and downscale before the global mass-industrial system gets even more out of control.

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