Dean Gregory Hess (CMC Economics) was quoted in Bloomberg today about the economic prospects for Inland Empire. The recent economic downturn has been especially difficult for the Inland Empire where unemployment is around 9.5% percent, one of the highest places in the nation.
Here is what Dean Hess said.
“Riverside County is an extreme example of a lot of the economic excesses from the recent boom,” said public economics professor Gregory Hess of Claremont McKenna College in Claremont, California. “It hasn’t hit rock bottom yet, which suggests that either the county is doing something right or there is more bad news to come.”This kind of ominous news echoes the predictions of Professor Manfred Kiel (CMC Economics) who says that we aren't out of the woods when it comes to the housing bubble.
For those interested, Professors Kiel and Hess will be taking part in a round table discussion with Professors Filson, Willett, Blomberg, and Weidenmier on whether or not we'll see an economic recovery in 2009. The talk will be held in the Athenaeum on February 16.