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October 6, 2008 - 8:37PM
Our View: The long, difficult ride ahead
Tribune Editorial
Every week along the roadways we travel, it seems there is another sign. Closed. Out of business. Foreclosed.
The economic downturn has slammed headlong into the East Valley, and anyone who thinks this is a bump in the road should check out reporter Donna Hogan’s piece on the region’s slumping retail sector. It contained this succinct, sobering take from Tom Rex, associate director at the W.P. Carey School of Business at Arizona State University:
“There are no signs of recovery right now. The fundamentals are still very negative for the foreseeable future. … We are in a recession, which has hit retailers especially hard because of the housing boom-then-bust. It’s going to be a long downturn.”
Combined with the state’s increasing budget deficit, these are indeed tough times for Arizonans, and all across the nation. As for the federal bailout bill, the San Francisco Chronicle correctly editorialized that it “does nothing to stabilize the nation’s housing market, which is where our problems began and where our problems will have to end.”
There are no quick fixes. We must all hang on for a long, difficult ride.
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