Economic worries report

Ashley Milne-Tyte Aug 28, 2006
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Economic worries report

Ashley Milne-Tyte Aug 28, 2006
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BRIAN WATT: We’ll get plenty of economic figures this week, but the biggest short-term problem facing the US economy, according to the country’s top economists, is terrorism. There are major military actions in the Middle East and then, that suspected bomb plot in London. But there are plenty of other concerns as well, as Ashley Milne-Tyte explains.


ASHLEY MILNE-TYTE: More than a third of those surveyed felt a terrorist attack was a big economic threat, both to oil prices and consumer confidence at home.

Stuart Hoffman is president of the National Association for Business Economics, which conducted the survey. He says while terrorism is rattling more respondents than it did 6 months ago, there’s far more consensus on federal spending.

STUART HOFFMAN: “This group feels that the government’s spending over the next several years should be curbed and at least get back down toward the overall rate of inflation. Having said that, again the vast majority of them don’t think that’ll happen.”

Longer term, more than 20 percent of economists say the federal deficit is the country’s biggest headache. Almost as many think a poor education system will hamper economic progress.

On the other hand, they feel a flexible job market and stellar productivity represent major long-term boons to the US.

I’m Ashley Milne-Tyte for Marketplace.

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