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V I EWPOINTE W P O I N T
Uncertainty
As hard as I try to maintain optimism and really quagmire of debt and unemployment. GDP for
look in all the nooks and crannies for signs of a 4th quarter might be up a bit – BUT is it really
major turnaround – it is still tough out there. because we hit a wall and there had to be some
When you have been in the industry as long as production as inventories had dried up? Is this
I have it is so frustrating and sad to see a lack of just an adjustment?
growth, R&D budgets severely curtailed and in The global economy is not offering much
some cases pletely, and an industry that in the way of a glimmer of hope. As of today,
you love continue to shrink. It is difficult to talk Greece is in serious trouble and may need a
to young people in the schools and encourage bailout from the EU, Germany or someone else;
them to pursue the sciences as a career choice. Greece once was the cradle of Western Civiliza-
You wonder if they will be able to find a job. How tion and democracy. Spain and Portugal are not
do you jumpstart an economy that has moved far behind – all of these countries, and others as
offshore? As we continue to offshore jobs, we reduce the blue- well, are experiencing high unemployment, extraordinary
collar and middle-class job growth. government debt, high taxes and frozen wages. And the
Reports indicate consumer spending is up a bit, and 4th United States is mirroring the same problems. It has e
quarter reports for many panies and coat- rather accepted that we do not run a balanced budget in the
ings manufacturers were optimistic. But for all the money country. You simply cannot run forever on this sort of think-
the government has dumped into the system, consumer ing in the country, in pany or in your household.
demand is still down and the country is immersed in a When you get so far in debt you have to either default a
large portion of it away or inflate it away. We