Dr. Mike Walden addressed business people in Knightdale today and said the worst of the recession is over.
Of course, Walden left some wiggle room as to the validity of his forecast. He quoted economist Milton Friedman who when asked what the stock market was going to do the following year said "fluctuate."
Walden's point of course was that economist's forecasts aren't perfect.
It sure would be good if Walden is on the money. With 11 percent state unemployment rate, and 8 percent in the Triangle, we need some good news.
Walden also said we aren't out of the woods yet. He was referring to the $1.8 trillion the country has borrowed and money the Federal Reserve has printed to keep the economy afloat.
He used the analogy of a pit. We had fallen into a deep pit with the recession, and we've now stopped falling and are beginning to climb out. But Walden says it will be a slow climb, and a long time coming to return to pre-recession wealth.
He also told these business people that though it's counter intuitive to start a business in the middle of the recession, he had watched people take the risk and be successful. That entrepreneurial spirit is the foundation of our economy, he said. In one respect, he was preaching to the choir Thursday with the room full of business folks, some of whom had ventured out on their own.
But who doesn't need a sermon to bolster the faithful.