The economic outlook isn’t as grim as some might expect, that according to Paul Anton of Anton Economics. In fact, as he explained at a financial resource summit at Pine Technical College this week, in a variety of ways, the economy was rebounding as he was giving his keynote address.
“We are in a U-shaped recession,” he said, explaining that the bottom of the ‘U’ was hit in late- 2009.
Bringing the best available economic reasoning and research methods, Anton came to Pine City with a message that was met with surprise to some, and optimism for others. The message was a part of a larger program aimed at having various agencies and departments learn from one another about the financial resources available in the region.
Anton was on-hand to help the audience analyze the issues and evaluate programs and public policy. He claimed the U.S. economy would be worse off had the $787 billion American Recovery and Reinvestment Act (ARRA) not been signed into law by President Obama in early 2009, but he went onto say that he didn’t support the automaker bailout.
Anton spoke of whether to raise taxes or cut spending in a recession, a topic economists debate. The fact that tax cuts have historically led to greater deficits was something that didn’t seem to sit well with Anton, who suggested that many economists agree that rasing taxes to provide for continued spending in key areas can help the economy pick up necessary steam, or at least not falter.
He brought the tools of economics to bear on a variety of topics and he informed those decision-makers present representing profit-making business, non-profits, foundations and governments. About the housing industry, he said we can expect growth again in mid-to-late 2012.
Anton is currently Chief Economist of Anton Economics, a Minneapolis-based consulting firm, and has over 30 years experience in corporate economic analysis, financial forecasting, industry analysis, economic development issues and government policy advising.
His views on economic issues have been widely quoted, appearing in such publications as the Wall Street Journal, New York Times, Financial Times, Star Tribune, Pioneer Press and Los Angeles Times; and carried on Cable News Network, CBS Radio and National Public Radio. Anton serves on the Council of Economic Advisors for the State of Minnesota and is a member of the Star Tribune’s Board of Economists.