business backgrounder | economy
(Still) Looking Ahead to Prosperity
With the economy seemingly stuck in neutral,
business leaders gathered for 2011 Policy Summit.
Jason Hagey
More than 300 AWB members came to Suncadia Resort in September for the 22nd annual
Policy Summit. A first-rate line-up of speakers offered clear-eyed takes on the troubles
facing the state and the country, as well as reasons why they believe things will improve.
Looking ahead to prosperity. That was the frustrating and
absorbing new workers. But the country’s growing population
optimistic theme of this year’s AWB Policy Summit.
also means that there will be people paying into social security
Frustrating because three years after the start of the worst
and Medicare when baby boomers retire. In fact, the United
recession in generations, prosperity is still something that is out
States is the only wealthy country in the world with a growing
there on the horizon, something that is hoped for but — for too
population, Rosensweig said.
many businesses — not yet realized.
The other bit of good news from Rosensweig was his claim
And yet it is impossible to deny there are some bright
that Washington state is well-positioned to benefit from the
spots in the economy, too, some reasons to believe that
growing wealth in countries that were once referred to as a Third
good times will eventually return.
World, or “under-developed.” China, with its well-documented
If this sounds familiar, it’s because Policy Summit speakers
emerging middle class, is a good example of the phenomenon.
have been offering similar
assessments for a couple
of years now.
at a glance
A line-up of first-rate
speakers offered fresh
—Scott Rasmussen, founder and CEO, Rasmussen Reports
reasons to be hopeful,
AWB’s Policy Summit returned to
especially with regard to
Suncadia Resort near Cle Elum in
exports and innovation. In both cases,
September for just the second time
Washington state is well-positioned
in its 22-year history.
to take advantage of positive trends.
“People don’t want special favors.
They want to know what the rules are.”
Despite a shaky economy, it received
exports, innovation offer hope
Jeffrey Rosensweig, director of the
Global Perspectives Program at
Emory University in Atlanta, kicked
off the good news/bad news theme by
informing the Policy Summit audience
that there is about a one-third chance
that the economy will enter a “doubledip” recession. But he quickly pointed
out that means there is a better chance
that it won’t happen. Most economists,
Rosensweig said, believe it’s more
likely that the U.S. economy will
continue to grow at a relatively anemic
2 percent or 2.5 percent annual rate.
That’s not enough to make a dent
in the unemployment rate because
it means the economy is simply
strong attendance as more than
300 participated.
Guest speakers counted Washington’s
strong export market and innovation
springing from the Pacific Northwest
National Laboratory as reasons to be
hopeful about the state’s economy.
Numerous challenges still pose a
threat to the economy, including
another state budget shortfall, the
threat of another recession, and
anxiety about the upheaval coming
about as a result of Americans’
frustration with government.
Scott Rasmussen, founder and CEO, Rasmussen Reports.
fall 2011
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