Economy in Shambles

If you want the truth; I mean the real truth on the state of any local economy check with a bartender, server, or a cab driver. If you want a broader regional or national economic opinion, check with a long haul trucker. Economists can tell you about housing starts, the ups and down of retail sales, factory orders, etc. etc. What they can not do is agree on anything. It is also noteworthy that they appear to be quite often wrong when they calculate the significance of economic data. At any rate, many are politically or financially motivated to paint data in a good or bad light and therefore can not be trusted. It is a good possibility that the whole "profession" of economist is nothing more than "witch science." anyway. In that it might be a lot like psychology. Oh well, here is my opinion of the local economy. It may be just as accurate as a that of a learned economist.

I had a taxi cab the past New Years Eve (last Thursday) and can tell you from experience that the local economy is falling off. The bars and restaurants all had business of course, but there appeared to be only slightly more traffic than a once decent Saturday night. My earnings were way off from last year and even last year was apparently not as good as the year before. Now I did not work as a cabbie the year before last, I was catering but my good friend did and he said that last year's business was off 50 per cent. This year the business was off from last NYE approx 30 per cent. There is a problem somewhere for sure.
I also quite often ask those in the bar and restaurant biz if they have noticed a dramatic decrease in business and almost without exception the answer is "yes."

I would put the knowledge of those in the service industry concerning the true state of the economy up against any PhD. economist. Put that in your pipe and smoke it.