Oak Ridge Today

Education: A path out of poverty

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Chris Whaley

Chris Whaley

“Education: A Path out of Poverty,” will be the theme of an interfaith luncheon at First Presbyterian Church of Oak Ridge at noon on June 5. Chris Whaley, president of Roane State Community College, will be the guest speaker.

The cost of the noon luncheon is $5, payable at the door. The luncheon is open to the public.

Admission to the talk is free. To make a reservation, call the church office at (865) 482-1318 or send an email to [email protected].

In the international development community, it is well-known that education is one of the most effective ways to improve the economic growth and potential of a country, a press release said. UNESCO reports that an additional year of schooling will raise income by 10 percent. [Read more…]

Letter: Marsh a man of integrity who seeks to help community

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To the Editor:

Michael Marsh is a man of integrity who seeks to assist his community in developing new initiatives that will bring about opportunities for economic growth through encouraging small businesses and less taxes due to careful budgeting and spending of existing revenue. The results would mean more money for the citizens and community for their investment into creating more jobs, more affordable housing, and greater protection through service agencies. Michael and his wife, Wanda, have operated a successful and award-winning auto service business in the District 7 for over 25 years. Their positive service and customer satisfaction testify to their loyalty to this district as well as the entire Anderson County.

Michael and Wanda are involved citizens in the community and Oak Ridge Schools and have the largest Wildcat banner in the world over their business. [Read more…]

UT study: Lackluster growth in first quarter, but overall gains expected in 2014

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KNOXVILLE—An abnormally harsh winter led to lackluster economic growth the first quarter of 2014, but a dip in unemployment rates and expected increases in housing investments signal stronger gains for the remainder of the year.

The gross domestic product is expected to increase 2.4 percent this year as a whole, compared to 1.9 percent last year, according to the spring 2014 Tennessee Business and Economic Outlook released Friday at the University of Tennessee in Knoxville.

The national unemployment rate will likely average 6.5 percent this year compared to 7.4 percent last year, the report shows. It is expected to decrease to 6 percent in 2015.

The study, prepared by UT’s Center for Business and Economic Research, predicts the direction of the state and national economies by examining many economic and fiscal factors and trends. [Read more…]

Guest column: A tale of two cities

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By Leslie Agron and Pat Fain

“It was the best of times, it was the worst of times…” Oak Ridge is on the cusp of a renaissance; Oak Ridge is in its worst-ever financial shape. Despite the looming risk of the guillotine for questioning the conventional wisdom here, we want to examine where Oak Ridgers are coming from when they speak of our future. To do this we, conveniently, will compare these possible futures for Oak Ridge with two present day Tennessee cities: Farragut and Chattanooga.

Farragut is a place most Oak Ridgers are fairly familiar with. It is mostly new and upscale. It tends toward sprawl and toward heavily developed strips, but has no real heart. It has low taxes, but is not a full-service city. Chattanooga is an older city with a downtown and outlying neighborhoods of varying ages. It is a full-service city with commensurate taxes. Chattanooga has done an outstanding job of revitalizing some of its older neighborhoods. The neighborhood in the vicinity of its Aquarium is particularly noteworthy in this regard.

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Guest column: The velocity of money is 70 mph

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By Pat Fain and Leslie Agron

The usual theory behind economic development for a community is that the local economy is too small. So, economic development experts seek to bring in new companies, especially industrial ones, to enhance that economy. The theory is that increased local purchases by new companies and their employees are multiplied several times as the money spreads throughout the community. Every additional purchase results in additional sales tax from the same original dollar that exited the new company. Companies that manufacture goods or provide services externally have the greatest value theoretically as they actually bring new money into the community. The rate at which this happens is called the velocity of money.

In Oak Ridge, however, the size of the economy that occurs within our city limits is enormous for our population. The problem for Oak Ridge is that much of that economy occurs within non-taxable institutions and the vast majority of their staff does not live in Oak Ridge. Thus, in Oak Ridge the velocity of money is 70 mph—the speed at which those folks are cruising down Interstate 40 on Friday evening as they take their paychecks home!

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Report: Slower economic growth in 2013, followed by increase in 2014

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KNOXVILLE—The U.S. and Tennessee economies continue to dig their way out from the Great Recession, but they will be digging at a slower pace this year than last.

The debate over the nation’s debt ceiling, the looming risk of sequestration of federal spending, and the payroll tax increase contribute to the slowdown in predicted gains, according to the forecast in the 2013 Economic Report to the Governor of the State of Tennessee, released today.

The study, prepared by the Center for Business and Economic Research, or CBER, at the University of Tennessee in Knoxville, predicts the trajectory of the state and national economies by examining many economic and fiscal factors and trends.

[Read more…]