Experts Predict Digging Out of Double-Digit Unemployment and Debt Will Take Time
as Chamber and Bankers Host 2011 Economic Forecast
 In his signature glasses, Erskine Bowles told 1,100 business and government leaders his thoughts on the nation’s $13.9 trillion debt: “We can’t grow our way out of this problem, we can’t tax our way out and we can’t cut our way out.”
Jan. 3 marked the first working day of 2011 and the 9th Annual Economic Forecast Forum, hosted by the North Carolina Chamber and North Carolina Bankers Association and presented by AT&T.
Bowles, who recently turned over his post as UNC President and served on President Obama’s fiscal commission, was a keynote speaker at the forum. He was joined by North Carolina Sen. Phil Berger (R-Guilford, Rockingham) and Mark Vitner, chief economist for Wells Fargo.
Bowles’ prescription for the nation’s debt was outlined in a plan released in December by the bi-partisan federal deficit reduction commission that proposed long-term solutions that reduce the nation’s debt by $4 trillion over a nine-year period.
While “unsustainable” and “abysmal” were common themes at the forum, a sliver of hope emerged as the incoming majority party for the N.C. General Assembly looks to work together with business leaders and the governor for job-stimulating growth. Growth will occur, but it will be gradual as legislators face a $3.7 billion state budget deficit while trying to pass legislation that will encourage businesses toward innovation and jobs.
Senate Leader Outlines Legislative Plans
Sen. Berger, incoming Senate President Pro Tem, said that new legislative leaders will work on three major areas: 1) reducing state spending, 2) predictable tax structure that will enable the private sector to be profitable and 3) regulatory reform in the areas of permitting, workers’ compensation, environment, tort reform and more. He called on the business community to have a collective voice to get top issues resolved.
Vitner Paints NC’s Unemployment Picture
Vitner said that North Carolina, even with an 18.5 percent population growth, has fewer people working in the private sector today than it did 10 years ago. He said leaders must incentivize businesses toward “risk-taking” behavior – which includes adding jobs and investing in innovation.
Chamber Readies for Session
“The Chamber is already hard at work listening to businesses and forging our plan to take our top priorities to state leaders this year – it’s time to put tools back in the hands of employers and employees to get North Carolina out of this recession,” said Chamber President Lew Ebert, noting a pro-active plan to tackle several issues mentioned by Sen. Berger.
Speakers at the preliminary session on the state budget included State Budget Director Charlie Perusse, Sen. Peter Brunstetter (R-Forsyth) and Rep. Harold Brubaker (R-Randolph).
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Erskine Bowles,
Co-Chairman National Commission on
Fiscal Responsibility and Reform
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Media Coverage
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