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|Wednesday, December 09, 2009|
Economist John Mitchell was miked and prowling the audience, a business breakfast's crowd’s Oprah without the free cars or gift baskets. At one point during Mitchell’s detailed but entertaining and humorous summary of the bitter economy, a man whispered to his tablemate: “I could use a glass of wine.”
Mitchell is a well-known war horse on the speaker’s circuit. Now a consultant, he was the chief economist for U.S. Bancorp for years and has been making economic presentations around the country and region for decades. Mitchell was at the Governor Hotel presenting his 2010 economic forecast at a forum hosted by the Portland Business Alliance Wednesday, and as he paced around the room, he went through a painful recounting of where we stand.
Among the litany of woe: every state has year-over-year employment declines; it's longest recession in 78 years; and the federal government is borrowing 40 cents of every dollar spent. Yet, technically the recession is over with third-quarter 2009 seeing a small rise in GDP; housing might have reached its bottom; the global economy is improving; and there has been an uptick in employment over the past few months in 28 states.
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