Monday, June 30, 2008
Is Deepening Recession Oregon's Future?
Energy woes including skyrocketing prices are already impacting the national economy. Is Oregon in a particularly vulnerable position?
Oregon has built its economy on high tech, timber (still second even after the big blows it has received), agricultural and food products, and tourism. For tourism, the trend has been up, up, up from 1991 to 2007. But can that upward trend continue?
With $4+ per gallon current gas prices (and $5+ per gallon looking probable), prospects do not look good in the short or middle term for Oregon tourism and its associated businesses--nor for Oregon's overall economy.
It's time for local and state leaders to step up to the plate with some workable plans. The legislature should have dealt with the coming economic crunch in their February "emergency" session. But, they didn't. Maybe it's time for a real emergency session.