RSS 2.0 FeedJanuary 6, 2011, Weekly editorial
Looking forward to 2011
American Express, the folks who brought us Small Business Saturday the weekend after Thanksgiving, are encouraging everyone to make a New Year’s resolution to shop at small businesses and help support their local economy. We heartily endorse this movement!
Every year, the Long Island Economic Survey and Opinion Poll, compiled by Dowling College and AVZ CPAs, chronicles the fears and hopes of a variety of local industries. This year, local businesses correctly predicted the upset in Congress at the polls in November. Let’s hope they are right in not believing Long Island is headed for a double-dip recession. Also of interest, most expect interest rates and real estate prices will remain the same, and 90% do not plan any facility expansions for 2011. Fewer experienced revenue declines from 2009 to 2010 compared to the previous year. In fact 47% grew. So that is something to look forward to.
Other good news for Long Island for the future: federal money to help keep sewage out of our local South Shore waters and a new Southeast Nassau Water Authority preparing for possible takeover of the private Aqua water company. This hopefully will bring lower water rates, but at least make water costs (taxes) become a tax writeoff. Still, the state will need to provide funds to enable the authority to do its job.
Schools will be encouraged to consolidate so that their main objective (educating our future generations by investing in good teaching) can still be achieved.
The year 2011 will be the 10th anniversary of the attack on the World Trade Center that has affected everyone who lives here. Almost everyone has lost somebody they loved, and everyone has suffered the economic consequences.
The collapse of the American banks also was felt around the world. The Chinese moved to base their currency on the Euro instead of the dollar. Still, our hope is that 2011 will be a year not just for looking back but for looking ahead, with the goal of a stronger peace and a sounder economy.
Speaking of the banks, we are hopeful that pending federal legislation to curtail predatory lending will be enacted to help stem the tide of foreclosures occurring both nationally and locally.
In 2011 the first baby boomers will turn 65. This means the largest American generation is heading towards old age. How will this impact our health care system, considering that nearly 20% of the federal budget is for Medicare costs? Will the new health care legislation prove to be too burdensome for the American people, or a godsend?
Let us have faith it will be!
