There were a few light-hearted moments during an economic forecast forum in Raleigh this morning, reflecting a more optimistic mood among economists and business leaders.
As the event wrapped up, moderator Phil Zachary, the president of Curtis Media Group, told the keynote speakers that they are helping make "economics sexy again."
"You two are the Hugh Hefner and Brad Pitt of economics," Zachary told Wells Fargo economist John Silvia and Federal Reserve economist Matthew Martin.
Silvia, who has a reputation for not pulling punches, also drew some laughs when he discussed jobs in a recovering economy and how four-year college is "a waste of money" for many people.
"You can't study French literature for four years and make $100,000 a year," he said.
He praised the state's community college system, and said if he were "education czar," he would close some of the state's four-year universities and put the money into community colleges. He named UNC Pembroke and Elizabeth City State University as two he would shut.
"I'm not running for public office, so I can say whatever I please," he added.
Silvia also pointed out that there are some hard truths to the economy. One is that many jobs that disappeared during the recession aren't going to return. Not so funny.
In his analysis of the state, he noted that there are a handful of counties, mostly in rural areas away from major highways, that consistently have high unemployment. Those regions won't ever attract new jobs, he said. Again, not funny.
But then he followed up with this punchline: "Sometimes I think we should shut [those counties], turn them into state parks and move the people out."
Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or
Comments
Extreme Ignorance Touted as Insight
Sun, 01/09/2011 - 14:46 — UphillerReally? "You can't study French lit for 4 years an make $100k /yr"? The statement is not logical, not true and not insightful. Maybe studying literature could prepare someone to be a careful writer, reporter or speaker. Maybe an understanding of language and it's proper usage is not so useless after all.
1) What the speaker probably meant was that the degree in French lit wouldn't guarantee anyone a position at the $100k level. But it's completely illogical to say or write that such a degree rules out such a future position. Which is what is stated. (illogical)
2) People with degrees in literature, languages and philosophy may have superior writing and communication skills, as well as ability to understand and adapt to a variety of cultures and varied frameworks of understanding. They may well rise to advanced positions in business, beyond the possibilities of others with poorly developed communication skills. (not true).
3) It might be the perfect time, given the stagnant economy, to improve one's breadth of understanding and ability to see beyond narrow local business imperatives. If this country is going to regain its prominence, we'll need innovators and visionaries. (lacking insight)
Neither the author nor I can make universal judgements about what any particular individual person might have to do financially to survive the recession and to prosper in (hopefully) in the better times ahead.