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Paul Ballew of Dun & Bradstreet on the health of the private sector, GDP and the public sector.
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Talking about the overall economy for a second to join in the company is Paul -- -- he's -- Dun & Bradstreet chief economist that.
I am about to questions directly because I think the level of anxiety.
Is very high and our economy -- society at the moment.
Do you get the feeling that we almost back to that same situation of 2008.
September 08 the panic it's kind of see it coming.
Is that that feeling -- -- I would call and more this spring we've seen in the last few years and it's reflection of this crawl stagger crawl recovery we've been and so there are some -- underway as what is saying are you saying no.
A -- you know this is not 2008 doesn't feel like it doesn't look like it don't -- it's not the same as 2000 NA so I think I would say no to answer your question very directly but I would say there are other concerns we have to focus on and that is the likelihood that this recovery is going to go -- this has -- -- pattern.
For an extended period of time.
But isn't it I mean we've had its books.
Thirty some is in a row we've looked pretty bad we've we've bumbling along that won't want 2% growth -- -- good.
And we get up in the first quarter and we feel better about things that we hit the spring and -- hits us again and we wake up that those structural problems in the economy are still with us.
The difference why it's a little bit of a tangent from 2008 is a fact and in 2008 we still had all of the issues in the corporate sector.
Overhanging the economy we have housing and at worst situation.
What we see it Dun & Bradstreet as we look at company performance we're seeing significant improvements.
In the health of the private sector -- -- that the public sector still a mouse was dog drags in the economy.
We -- Greece we still have China we have all these other issues so we have a unique set of issues now.
Not identical to 2008 -- as precarious but still on -- favorable as we.
Like to -- -- you know that would go into recession I mean clearly the economy is weakening but not the point where we go into a flat out recession you know thanks and there's always risk of its third but the real concern process more of this one to 2% growth rate and it could -- that's the point because that is a rotten performance for America.
I mean -- -- for the entire last generation.
We've had much higher rates of growth 34%.
For many many years suddenly.
When a protracted period of 12%.
Growth doesn't feel like America doesn't.
And that's the anxiety that we have in incited -- -- feeling is you get to that one to 2% growth rate.
An -- one to 2% we can't generate 300000 jobs a month we can't generate the real incomes of Kelly come out of -- -- come out of it can we -- out and get to 34% growth anytime soon and if so how do we do it for more optimistic long term because we still look at the fundamentals of the US economy and we look at the business sector in all the in depth information we have seen a lot of -- on productivity.
Unit labor costs being constrained.
Improvements in competitiveness the key for us -- we have to do a couple things we have to solve the public sector issues that are dragging on the economy from an uncertainty standpoint.
As well as from -- actual restraint prospectus -- US and you politicians have got to do something about taxes and spending and debt -- and do you expect that to happen well eventually we will I've always -- Churchill was in the long run will eventually do what the right thing as a the United States -- -- -- -- -- -- -- -- -- on the right side -- -- -- that's -- -- here because if you -- -- of -- -- you -- exactly the -- well -- still facts -- wonderful they're -- -- All the live chief economist dollar Bradstreet thanks very much for joining us fully appreciating us thank you.
