Business & Economy

As talk of bailouts, budget deficits and job cuts continues to make news, some of the state's top money watchers say that the economic crisis that's gripping Ohio won't let loose anytime soon. Statehouse correspondent Karen Kasler reports.

Strickland Says "Depression" Possible

Dec 11, 2008

Governor Strickland says the state's current recession could worsen to a depression without federal assistance.

To underscore the state's need for a federal loan, Strickland asked agency directors to figure out what their departments would look like with 25 percent less money. The Department of Education said per pupil spending would have to be slashed.

But David Hansen of the Buckeye Institute suggests cutting the entire department since, he notes, the Department of Education does not educate any students.

Layaway Makes a Comeback in Sagging Economy

Nov 24, 2008

The holiday shopping season is almost in full swing. But this year consumers may not be spending as much on gifts as the economy continues to slide south. In an effort to help customers and secure sales, retailers are pushing an old tradition - The layaway. Some retailers are aggressively pushing their plans, and at least one which had discontinued layaways, is bringing them back.

Gov. Ted Strickland says Ohio needs to target nine industries over the next decade to grow the state's economy.

Strickland released a strategic plan Wednesday that identifies key industries needed to improve the economy. They include advanced energy, polymers, bioscience and aerospace.

The plan, presented to hundreds of business leaders, aims to change the often-negative perception of Ohio's economy.

The Columbus Chamber of Commerce says the region's economy is still struggling. Chamber economist Bill Lafayette predicts less growth than in 2007.

"This year our average forecast is for growth of .4 percent. So, a touch less than last year." Lafayette says nearly all sectors, save transportation and warehousing have "underperformed." Housing is weak. Manufacturing is declining and Lafayette says retail employment will drop sharply this year.

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