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Published byJeremy Brooks Modified over 8 years ago
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THE ECONOMY: NOW TO THE ELECTION Jeffrey DorfmanAugust 2012
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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
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Retail has been recovering
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Incomes are rising
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Consumer debt is rising, too
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Consumer debt is manageable
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Employment is weak
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Unemployment is strong
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Unemployment is long
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Consumer confidence is still AWOL
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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)
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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.
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Commodity Prices DBA = gen ag commodity prices, JJG = grains (C, S, W), COW = cattle and hogs, BAL = cotton prices
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Ag exports are staying strong
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Farm credit is healthy
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Farm income, stable and variable
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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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