Economic Outlook: Joseph Stiglitz

I just viewed an interview with the economist Joseph Stiglitz, Nobel Prize in Economics in the PBS Nightly Business Report.

He said the following:

  • Unless there is another stimulus package the economy will take three to five years (optimistically) to recover;
  • Unemployment will continue high, in the range of 8.5% to 9.5% during this period;
  • There are risks that the European countries undertake restrictive economic policies that will hurt the US economy;
  • More needs to be done to help with foreclosure problem;
  • More needs to be done to get credit to small and medium enterprises.

It is essential that Coral Gables leaders be realistic about the economic future and its impact on taxes and budgets.

This would be done through a recommended  LONG-RANGE FINANCIAL PLAN.

About Stephen E. McGaughey
Resident of the City of Coral Gables

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