Economist tells Phoenix leaders that U.S. already may be in recession
Don Reynolds, a an economist and principal of Texas-based 21st Century Forecasting, said the subprime collapse, the cooled housing market and inflationary pressures on energy and food are adding to consumer debt and stunting spending.Reynolds said U.S. economic struggles may be mitigated by a weak dollar and foreign entities investing here.
The event also featured state tourism Director Margie Emmerman, who said that tourism from Europe to Arizona has shown declines recently. Emmerman said tighter, post 9/11 international travel rules and the unpopularity of the U.S. war in Iraq are causing a drop in travel from Europe and some parts of Latin America.
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