Advocacy: Kamer sees more tough times for LI
Pearl Kamer has seen Long Island's future, and it is not pretty. There is the possibility, she says, of a "double-dip recession."
The Long Island Association economist delivered to the organization's board earlier this week her "Monthly Economic Report" for June. In short, don't expect things to get too good too soon.
While the Island has experienced "a modest economic recovery," Kamer said, the local economy "faces strong headwinds."
The housing market remains fragile, foreclosures won't peak until later this year or next, bankruptcies continue to rise and consumers maintain high debt.
"Clearly, Long Islanders are still experiencing the financial pain generated by the recession," Kamer wrote. "The possibility of an extremely slow national economic recovery, even a double-dip recession, is likely to magnify that pain."
Is it any wonder they call it the dismal science?
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