New economic numbers today indicate that our country’s economy is not out of the woods just yet. In fact, there is growing concern that we are actually headed into a double dip recession - which is basically when a recession is followed by a short-lived recovery, followed by another recession.
According to the Associated Press, “Retail sales unexpectedly fell in December, leaving 2009 with the biggest yearly drop on record and highlighting the formidable hurdles facing the economy as it struggles to recover from the deepest recession in seven decades.”
That article goes onto say, “In another disappointing economic report, the number of newly laid-off workers requesting unemployment benefits rose more than expected last week as jobs remain scarce.”
There are very few signs of improvement in the economy. And although, there is the occasional glimmer of hope, we fear that economic policies in our country and especially in the Commonwealth are actually hampering recovery efforts. The Patrick Administration needs to focus on creating jobs and enticing businesses to set up shop in the Bay State. New life needs to be injected into the Massachusetts economy in order to get people back to work and to keep residents from fleeing the state. Increasing taxes and failing to streamline bureaucracy for companies are moves that are driving away businesses, not inviting them.