The Obama Factor in Florida

Amy Welch Brill | 1/1/2009

Pan Yatrakis
Professor of finance and economics and chairman of the finance and economics faculty, Nova Southeastern University

Pan Yatrakis

“A program of public works is high on Obama’s agenda. But such a program must first be enacted by Congress (and survive a potential Republican filibuster) and must then undergo engineering and environmental impact studies, competitive bidding and possible litigation before the first shovelful of dirt is turned. Industries providing these preliminary services should see some pickup in demand by the latter half of 2009, but it may be well into the following year before Florida’s construction industry is helped in a meaningful way by a program of public works. ... In the short run, the best hope for Florida’s economy is the strengthening of the safety net through the promised extension of unemployment benefits and the infusion of $25 billion in grants plus an unspecified amount in low-interest loans to the states, whose finances are being squeezed by falling tax revenues and increasing unemployment payouts. ... Somewhat faster relief for the building sector may in fact come from Obama’s alternative energy program but, again, probably not before about the middle of next year. ... Some of the tax relief promised by Barack Obama could also help Florida’s economy, particularly if it passes congressional hurdles swiftly and is made retroactive to 2008. Florida’s population of retirees is likely to be a major beneficiary, particularly those with incomes under $50,000.”

Tags: Politics & Law, Government/Politics & Law