I am always a little skeptical of economic forecasts. It seems that most economists, by their own admission, are what they call two-handed economists.
This means that they make a prediction and then say “on the other hand…” and make a different prediction.
Not a lot of help.
But when an economist with the reputation of Richard DeKaser, Senior VP & Chief Economist, National City Bank, speaks you should listen.
What was perhaps the best part for Cleveland and our region were the few short comments made by Paul Clark, Regional President of National City Bank now part of PNC. (Yes, that mouthful is what they call the bank now)
So many in Cleveland are/were worried about the loss of NCB’s charitable dollars to the community. Clark tried to assuage that fear.
Give Clark a listen and see what DeKaser predicts for 2009.
One interesting note stood out. DeKaser said we need to give a stimulus check to those who don’t pay taxes because they will spend it! The tax payers who got checks were more likely to save it or apply to bills but the non-taxpaying would spend it.
