Brisk spending likely to jump start economy
The local economy starts with the exchange of dollars. That can be buying a week’s worth of groceries or purchasing a color TV. If you’re putting money in play, you’re doing your part to boost the local economy.
The reason the economic scene in Warren County hasn’t been extremely robust is because consumer confidence is still a bit shaky. People are reluctant to fork over money with war looming overhead. People are reluctant to spend because it’s January and the sticker shock of Christmas is beginning to be absorbed.
Outside of free-spending consumers, we’ve got to realize how stable our local economy has been in Warren County. Despite gloom and doom financial reports across the nation, unemployment here remains just a hair above 5 percent. That’s relatively rosy compared to the double digit unemployment figures which lingered here in the 1980s.
Lackluster consumer spending and NAFTA have been two of the more damaging problems for this area. Simply put, NAFTA has failed to live up to any of the goals spouted by the Clinton administration when the agreement was finalized.
What’s happened is local factory jobs have found their way across the border where employers can save millions on cheap labor. The pesky labor laws in the U.S. — such as paying employees a minimum wage — aren’t as much of a problem in Mexico. Findlay was the last of the companies to close its doors locally and move to Mexico.
Not only has NAFTA snatched away countless jobs from American families, it has also failed to provide Hispanics with an improved way of life to keep them from flooding into this country. American jobs are going to Mexico, but the country isn’t drastically improving because the workers are being paid next to nothing.
Even with the economic failure of NAFTA, Warren County has managed to keep itself afloat by existing companies which have expanded. Ben Lomand is one of those companies which has quietly added about 50 jobs locally in recent years. And Bridgestone is operating at complete capacity — unable to hire any more employees until it expands.
Those are just two examples of local businesses which are thriving despite less-than-sunny economic skies. They are stabilizing forces in our local economy.
When consumer spending gains momentum when spring hits in 60 days, we should be poised for a successful summer. Spending money here in Warren County — shopping at home — is one of the best ways to stimulate the local economy.