St. Francis Professor Weighs In On Struggling Economy

By Jeff Neumeyer

August 24, 2010 Updated Aug 24, 2010 at 5:45 PM EDT

FORT WAYNE, IN (Indiana's NewsCenter) --- If you're trying to sell an existing home, numbers just out could cause you to lose some sleep.

A few economic headlines aren’t doing much to spur optimism.

House Minority Leader John Boehner on Tuesday called for President Obama to fire his remaining economic advisers, and to turn an about face on what Boehner calls failed economic policy.

Figures released by the National Association of Realtors painted a dreary picture of existing home sales, with July numbers the worst in 15 years.

Stocks fell 133 points for the day, partly because of the poor housing stats.

Meanwhile, unemployment figures continue to be a problem, with the national average hovering at 9 and a half percent.

University of St. Francis Professor Dr. Doug Meador says big business is catching blame for not doing more to ramp up production and investment, but he says industry is simply getting its marching orders from the buying public.

Doug Meador, Ph.D./U. of St. Francis Economics Professor: " Businesses just are not borrowing money because they can't find a reason to build a new factory, they can't find a reason to expand a product line because the consumers out there are so hesitant to spend money."

There’s talk we might be heading for a double dip recession that comes on the heels of a brief economic recovery.

Meador says right now it's inconclusive that we've ever emerged from the first recession that started in December 2007.




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