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Tom Zwirlein, Professor of Finance in the College of Business, is bullish on the U.S. economy in the long-term.
“There’s a sale on stocks right now,” Zwirlein, who also directs the Southern Colorado Economic Forum, told more than 50 University Club members who attended a lunch this week.
In his presentation “The American Recovery and Reinvestment Act: Now What?” Zwirlein outlined the economic downturn that is plaguing the country, tracing trends ranging from the gross domestic product to personal savings rate and unemployment. The charts all indicated downward trends with one notable exception, increases in federal spending.
“It should be a federal law that you have to see the zeros,” Zwirlein said. “We’ve gotten to the point where a billion dollars doesn’t seem to be that much anymore.”
While generally downplaying the role that the federal economic stimulus will have on the economy, Zwirlein believes the country will recover economically, though possibly not fully until 2011 or 2012.
“Recessions only last so long,” he said. “Sooner or later you need a new car, a new refrigerator or some new clothes.”
But it was Zwirlein’s two-pronged response to an audience question about how he would restore the economy that drew the most response.
“Eliminate corporate taxes and eliminate the IRS and replace these revenue sources with a value added tax,” Zwirlein said.
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