Double Dip Recession Ahead? - WSFA.com Montgomery Alabama news.

Double Dip Recession Ahead?

Posted by Bryan Henry  -  bio | email

MONTGOMERY, AL (WSFA) -

There is really no easy way to put it. Henry Nixon and his mom Jennifer say they have no job, no prospects, nothing but hope the economy will improve. 

"It's scary out there," said Nixon.

Like a slow-moving train, the Nixons could end up waiting for awhile. Ms. Nixon says she started coming to the local Job Career Center 3 months ago, putting together resumes and looking for work.

"I've tried and tried," said Nixon.

Keivan Deravi who is well regarded among economists says there is a growing number of economists across the nation predicting a double-dip recession. Deravi is beginning to agree with them, suggesting we may not see a full turn-a-round until 2013.

"The government can't afford any more stimulus packages because of our enormous debt and the interest rate can't go any lower. We also have elections coming up so there is no political will. In essence the government has no more bullets left," said Deravi.

Simply put there is no driving force to steer the economy. Stagnation at its worse.

"We are in the water with no rudder," said Deravi, a professor of economics at Auburn Montgomery.

For now Henry and Jennifer will continue to look for work and may even take Deravi's suggestion to look for employment out of town.

"I've thought about moving away but I haven't been able to focus yet on where I want to move," said Ms. Nixon.

Yet Keivan Deravi will be the first to admit he's been wrong before, anything could change, change can't come soon enough for the Nixons.

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