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Thursday, December 3, 2009
News / Biz Duke CEO predicts the future ... of the economy
Posted By Rhiannon Fionn-Bowman on Thu, Dec 3, 2009 at 1:25 PM
Thought he was in the energy business? But, he does have a point: Now is the time for forward-thinking vision, not politics.
[Jim] Rogers contended the nation’s economic recovery would be undermined by record-high government spending deficits, a growing national debt and unfunded entitlements for the large number of soon-to-retire baby boomers.He said without stimulus spending the nation’s third-quarter economic growth would have only totaled 0.7 percent of GDP. He said consumers would be unable to make major contributions to recovery when unemployment rates are expected to remain in double digits. And he said electricity sales — historically a leading indicator of economic growth — are projected to be flat or slightly up for the next five years.
“Now is the time for vision, for a long-term plan and for people to find a way forward,” he said. “But have to be realistic about where we are. We can’t put our head in the sand. ... That’s something Wall Street hasn’t shown the ability to do. And that’s something our politicians don’t have the ability to do because they’re only worried about the next term.”
The luncheon’s other panelists struggled for words when given an opportunity to respond to Rogers’ not-so-sunny comments.
[Ken] Lewis said he believes recovery will be better than Rogers’ forecast, but “given our track record, I can’t argue against him,” he said.
Read the rest of this Charlotte Business Journal article here.
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