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l %a_ 4J 1X -P1-5f A.L <br />o 4 r, r h4 r u. I' <br />`The government's view of the economy could be summed up in a few short phrases: If it <br />moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." <br />— Ronald Reagan <br />Education is critical in struggling economy <br />In last Friday's Charlotte Business Journal, Erik Spanberg wrote a thoughtful article on the <br />Charlotte region's struggling economy. The same day, the U.S. Labor Department released its <br />national employment numbers for July that indicated hiring had picked up slightly over June. <br />Although regional employment statistics aren't out yet, it's a good bet that even if hiring <br />increased in the Charlotte region in July, the percent of unemployed or underemployed people <br />will continue to be higher than the 9.1 percent national average. Our economy, like those <br />around the world, is struggling. However, we know some of the causes and are working to <br />address them. <br />As Erik noted, the Charlotte region has been hit hard on several different fronts: the financial <br />services sector troubles, the decreasing number of public sector jobs and less government <br />funding, and shrinking tax revenue, to name a few. Add to that stagnant wages, higher prices <br />for gas and food, and a general reluctance — or inability — to spend on housing, construction, <br />restaurants meals or durable goods that would stimulate factories and generate jobs, and it's no <br />wonder that the economy is barely inching up. <br />However, the last point is an important one. When people don't buy goods — and consumer <br />spending accounts for about 70 percent of economic activity, manufacturers don't hire people to <br />produce them. And our regional economy is heavily dependent on manufacturing. In fact, more <br />than 60 percent of the projects in our pipeline are in manufacturing. This isn't the labor- intensive <br />manufacturing of the old days. It's high -tech, highly efficient and globally competitive <br />manufacturing that requires better - educated — and fewer — workers that can operate more <br />sophisticated equipment. According to Tony Zeiss, president of Central Piedmont Community <br />1 -1 <br />Attachment number 3 <br />Page 625 <br />srnnsn Carolinas HealthCare Syslem <br />