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THE ECONOMY: NOW TO THE ELECTION Jeffrey DorfmanAugust 2012.

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Presentation on theme: "THE ECONOMY: NOW TO THE ELECTION Jeffrey DorfmanAugust 2012."— Presentation transcript:

1 THE ECONOMY: NOW TO THE ELECTION Jeffrey DorfmanAugust 2012

2 The Current State of the US Economy  Retail sales are growing  Incomes are creeping upward  Debt is expanding again  Many agricultural commodity prices are rising  Mostly, the economy is in a holding pattern

3 Retail has been recovering

4 Incomes are rising

5 Consumer debt is rising, too

6 Consumer debt is manageable

7 Employment is weak

8 Unemployment is strong

9 Unemployment is long

10 Consumer confidence is still AWOL

11 Georgia Budget Situation  FY12 revenue was +4.8%, covered the budget  FY13 revenue needs to be +5% to cover budget  Governor asking for more cuts (3%)  For USG, he wants $54M in FY13 and another $54M in FY14 (total annualized cut of $108M)

12 Georgia Budget Situation  For FY12 we had  Individual income taxes +6.3%  Sales taxes+4.8%  Corporate income taxes-12.1%  Gas taxes+9.1%  Governor’s plan is very cautious  Wants to make sure he is not cutting in election year.

13 Commodity Prices DBA = gen ag commodity prices, JJG = grains (C, S, W), COW = cattle and hogs, BAL = cotton prices

14 Ag exports are staying strong

15 Farm credit is healthy

16 Farm income, stable and variable

17 So, all together …  Economy is more good than bad as long as you have a job.  No big changes between now and November  Everybody is waiting to know what the rules of the game will be.


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