Today is Saturday, August 19, 2017

Goetz brings mixed message on TN's finances

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           On a positive note, Goetz explained that Tennessee is in a lot better shape in that the state doesn’t have a lot of debt. He added that he didn’t expect much in the way of economic recovery until the end of 2009, even though many citizens across the county seemed to expect the $750 billion federal bailout deal to be an instant fix.           State projects and programs have increased with inflation and a shortfall of revenue projections for 2008 will put the state in an upside down position. Fortunately, the state is prepared for such a financial disaster.          State Rep. Stratton Bone, who was in attendance at the meeting, commented the state’s “rainy day fund” was not touched last year by the legislature and the $750 million dollars in that account should be adequate to get us through the next couple years with economy being in the shape it is in now.          Goetz concluded by saying he thought the largest cause for all the economic problems the nation is facing is a lack of consumer confidence and the state plans to continue to work on economic development to help counteract the problem.           While the meeting was going on Thursday at noon, Wall Street turned in another stunning finish later in the day and extended its unprecedented streak of volatility – this time, to the upside. The Dow Jones Industrials ended up 400 points, after falling 380 in the opening minutes of the session Thursday morning.
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