Hopefully, some of nation’s economic upturn visits here
For all the resistance President Donald Trump has attracted, the economic impression he has left on the country since being elected has been generally positive.
There has been a bushel of decisions by major companies to either return plants and jobs to this country or expand operations within our borders. The January jobs report for the nation showed new employment that amounted to double the projected number. The stock market has topped 20,000 points, a once unheard-of marker.
And President Trump’s promises of tax reform, tax cuts and a loosening and reduction of business-stunting regulations have most business leaders in an upbeat mood. Can any of that economic renewal happen in our region?
That remains to be seen, but Luke Tilley, chief economist of the Wilmington Trust Investment Advisors, struck an upbeat note in a recent talk with Williamsport-Lycoming Chamber of Commerce members.
“We are fairly optimistic,” he told chamber members.
He then pointed to the key drivers of the economy – lower taxes, trade policy changes, infrastructure activity, corporate tax reform and loosening of business regulations.
“I think loosening of those regulations can be huge,” he said. We say amen to that.
It is difficult for a comparatively rural region to feel the full wave of an upbeat economy. And our recoveries from downturns and recessions tend to take longer and be less dramatic.
When unrealistic regulations and strangulating health care provisions are added on top of those realities, a stagnant economy is the rule.
We hope some of the positive news we have seen throughout the country in recent weeks and the generally positive projections of Tilley become a part of our local economic landscape in the months ahead.
Practical repeal and replacement of the Affordable Care Act and a loosening of the chokehold of business regulation are two ways to start that momentum.
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