Local officials told economic news
for cities and counties 'sobering'

Cartersville - Daily Tribune News

The economic situation is not pretty, according to Dr. Don Sabbarese, director of Kennesaw State University's Econometric Center. That is not news to the gathering of officials who sat for several hours Tuesday to discuss the economic crisis and its impacts on local governments and communities. A second meeting has been scheduled for 9 a.m. at the Cartersville-Bartow County Chamber of Commerce.

"If there was one thing I could say to President Obama, it would be to stop saying that things are as bad as they were during the Great Depression," Sabbarese told the crowd, adding that consumer confidence would be needed to recover from the situation. "There are 92 percent of the people still working, but they feel so negatively about the economy that they aren't spending.

The recession, which began with the housing market bust, is now entering its 14th month, according to Sabbarese. By comparison, the recession of the early 1980s lasted 16-months -- longer than any other in recent decades. It is estimated this downturn could last closer to 20 months before there is any turnaround.