Newspaper article THE JOURNAL RECORD

Crowley: Long Road Stands before U.S. Economic Recovery

Newspaper article THE JOURNAL RECORD

Crowley: Long Road Stands before U.S. Economic Recovery

Article excerpt

By Lou Anne Wolfe Journal Record Staff Reporter It's not true that Americans are broke and without money, because many people have it, but news reports give a false impression, according to Steve Crowley, president and chief executive of Crowley Financial Services in Fort Lauderdale, Fla.

That was about the only good news, however, that Crowley brought to attendees of a "Business World Series" lunch on Wednesday sponsored by the Oklahoma State Chamber of Commerce & Industry.

Not only is the national recession continuing, but there's a long road ahead, said Crowley, who has delivered financial reports on ABC-TV's Good Morning America program and the daytime talk show starring Regis Philbin and Kathi Lee Gifford.

Crowley noted that financial institutions in the Northeast are failing badly. In the United States, he said:

About 8.5 million people are out of work _ about a 1.5 million increase from a year ago; One in eight children goes hungry each day; One-third of the people don't have health insurance; There have been 750,000 personal bankruptcies this year, and the average credit card debt of those filing bankruptcy is $40,000.

One out of 33 people is an addicted gambler.

Crowley said the complexion of U.S. inflation has changed since the 1980s, and pockets of inflation and deflation now mark the U.S. economic landscape.

While prices of some things, such as housing, are going down, prices of other items are rising, he said.

The tax exemptions and breaks formerly available are just about gone, Crowley said.

A tax crisis has risen on the state level, as states scramble to pick up more of the burden formerly carried at the federal level, he said.

While home prices might fall about 10 percent or 20 percent in a year, some local governments are raising property valuations for the purpose of property tax assessments, he said.

At the same time, gas prices are at an all-time low, Crowley said. …

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