Spend wisely, PB
Editor, The Commercial:
Daily headlines are trending to dire economic conditions on the horizon, if, in fact, they are not already upon us. There are growing signs of decreased consumer spending at every turn.
As you most recently saw, the Federal Reserve hit the pause button on further interest rate hikes until a better assessment is made of the economic damage caused by the federal funds rate move from 0-5.25% in less than two years. In other news, the city of Milwaukee, home of the NBA Bucks (entertainment galore), is staring at bankruptcy.
Independent reporting for Pine Bluff & Jefferson County since 1879.
How in the world, you say? Ooooooohhhhhhh, oooooohhhhhh, maybe they should follow in our footsteps and invest their last dime on a go-kart track. Well, scary, isn’t it?! HELLO?!!
Closer to home, Little Rock’s once vibrant Entertainment District has seen its third business close this year due to weakening financial conditions. In San Francisco, owners of large office towers are wanting more time to pay back debt as they see more vacancies and falling real estate values.
And if that isn’t enough pessimistic economic news, a recent American Express survey indicates over 40% of small business owners are bypassing potential growth opportunities. Is it possible maybe GFPB/PBURA (Go Forward Pine Bluff/Pine Bluff Urban Renewal Agency) didn’t get the memo? To use a phrase coined by Bill Clinton’s election strategist — “It’s the Economy, S_ _ _ _ _ .”
Does all of this mean we (A) “Just Do Something,” or (B) put our head down and focus on how to invest wisely in our assets, initiating capital projects that are economy builders, that generate a positive ROI resulting in our bigger bank account?
Emphasizing “our” being — Pine Bluff’s. What commitments can we offer our current job creators? Is it conditional capital, access to leading edge technology and a stronger, specialty trained workforce?
And last, but by no means of less importance, can we offer the economy builders a functional city and county government that too shares the vision of growth and prosperity? How is our Chamber of Commerce combining forces with GFPB/PBURA?
Going forward, do we have a desire or goal to reduce our poverty income level from the current 24% (by some measurements as high as 29%) of population to a target of 23% in 3 years or less; to 22% in 5 years or less; or to 20% poverty level by no later than 2030?
What do we need to reach this better tomorrow so the day never comes that we’re that Milwaukee, looking bankruptcy dead in the eye due to, most likely, unmonitored, irrational spending?
Mike Lankford,
Pine Bluff