Heritage Foundation economist addresses EDC breakfast

At the St. Johns County Chamber Economic Development Council’s Quarterly breakfast on Friday, Stephen Moore, chief economist at The Heritage Institute, told Historic City News that he is critical of the pace of the Country’s economic recovery since the 2008 collapse. However, the Wall Street Journal’s former economic editor also expressed a bullish fiscal prognosis and suggested states like Florida would lead the U.S. into a bright economic future.

According to Moore, people are migrating south because states like Florida and Texas are, “getting it mostly right,” and are doing the things to help businesses expand. Moore stated that Florida also has two specific advantages: zero income tax and right to work laws.

The economist’s optimism was largely based on his view of technological advances in the American oil & gas industry. “It’s a game-changer,” said Moore. “We’re not running out of oil, we are running into it.”

Citing statistics from the U.S. Energy Information Administration, FRED Economic Data and the Federal Reserve Bank of St. Louis, Moore contended that the industries boosted production and job growth could power an almost 40 percent expansion of the industrial economy by the year 2020. “We have an $18 trillion economy, hopefully we’ll have a $25 trillion economy by the end decade,” said Moore.

Addressing a room packed with nearly 150 members of the Chamber of Commerce Moore also addressed growing concerns about retiring Baby Boomers, raising the minimum wage and the rising cost of higher education.

Visit www.sjcchamber.com/moore to view the slides from Stephen Moore’s presentation to the St. Johns County Chamber EDC.