Opening Up Opportunities and Overcoming Obstacles
Recently, having lunch downtown, I ran into Mike McGuire, CEO of Affinity Bank. We commiserated on the current economy and the challenges the crisis poses for both the bank and the city.“The heart of the problem,” he told me, “is we have to return to a time when consumer spending made up no more than around 60% of the economy. We’d actually gotten to the place where it was up over 70%. That’s not sustainable.”
President Obama made similar points in his speech on the economy at Georgetown University in Washington:
“We cannot rebuild this economy on the same pile of sand. We must build our house upon a rock. We must lay a new foundation for growth and prosperity -- a foundation that will move us from an era of borrow and spend to one where we save and invest; where we consume less at home and send more exports abroad.”
The common message is a sobering one: work harder, spend less. But it is the foundation for ensuring future prosperity, nationally and here in Ventura.
On May 2, the Economic Summit we are co-sponsoring with the Ventura Chamber of Commerce will help us update our local strategy. Ventura is currently guided by a 2005-10 Economic Development Strategy (which is posted here on our web site.) Many of the goals have already been reached and new thinking is necessary in the new era we find ourselves in.
Focusing on “Opening Up Opportunities and Overcoming Obstacles,” the Economic Summit will be held at City Hall from 9 AM until 1 PM. After an opening briefing, participants will engage in active discussions around five themes, with the goal of coming up with consensus recommendations for 90 day, 1 year and 5 year strategies around the following five themes:
- Improving the City’s Bottom Line and Fiscal Health
- Fostering Smart Growth
- Greening Ventura’s Economy
- Retaining/Expanding Jobs and Business
- Enhancing our Business Climate
This is an opportunity for a fresh start. There are innumerable definitions of “economic development” and dozens of ideas about how to improve our business climate. There are also stale debates and misleading perceptions that hold us back from working together effectively. The focus on May 2 will be to look ahead - to build on solid rock and “lay a new foundation for growth and prosperity.”
posted by Rick Cole at
11:45 AM
5 Comments:
I'm thrilled to see "Greening Our Economy" on the list for the ED Summit. Count me in!
What the heck does Mike McGuire mean, he says that consumer spending at 70% is not sustainable to shore up the economy. The whole idea behind the stimulation money is to allow the consumer to spend more money thereby bolstering the economy. Out side of consumer spending in the long run, what else is there to boost the economy???
I agree with you sir. The economic crisis slows us down. But we need to find solutions to solve this world problem. And the government is making steps to solve it. Goodluck to all of us...
I bet the president of Affinity Bank would not like his salary capped by the US government in exchange for taking bailout money.
Great points, Rick and so glad you took the time to bring them up.
Did you see the article comparing sustainability with resilience?
The fact that we're having these kinds of conversations on various corners is the first big step.
Post a Comment
<< Home