Monday, April 13, 2009
Georgia Chamber of Commerce Cornerstone Members and Past Chairs heard from Mercer University Professor of Economics, Dr. Roger Tutterow, at their annual spring luncheon on Thursday, March 26th. Sponsored by the Employer Support of the Guard and Reserve, the event provided an opportunity to network, receive an economic update from one of the nation's top economists, and hear a legislative update from Chamber President and CEO George Israel. Past chairs in attendance included Phil Jacobs, Charles Tarbutton, Ben Tarbutton, Dr. David J. Allen, Charlie Brown, Jim Lientz, Frank Barron and Neal Purcell.
Dr. Tutterow told the group that the current economic recession was as long as any in the post-war era and the deepest since the mid 1970's; however, he did share his belief that the nation was "well past the majority" of the recession and that signs of recovery should begin to appear in the third quarter of 2009.
Tutterow credited the recession to three main factors--high energy prices, the crash of the housing market, and the credit crunch--telling attendees he believed modest improvements were underway within all three. He gave great credit to Governor Sonny Perdue and Georgia's elected leaders for their management of these significant economic challenges.
Dr. Tutterow finished his remarks by saying that "recessions are chances to recalibrate" and reminded everyone about the importance of perspective, saying that if anyone had predicted ten years ago such events as terrorist attacks, wars and major natural disasters, we would have all predicted a situation much more dire.
Concluded Tutterow, "This too will pass."
