University of Central Florida<\/a> College of Business Administration.<\/p>\nThat doesn\u2019t mean it won\u2019t have an effect.<\/p>\n
\u201cThis will be a 5 to 10-year period\u201d of austerity and frugal spending, he said.<\/p>\n
That also means businesses and consumers shouldn\u2019t expect a significant improvement in jobs and construction for another few years.<\/p>\n
Snaith was the keynote speaker for Commercial Real Estate Women Jacksonville Tuesday at Maggiano\u2019s Little Italy in St. Johns Town Center.<\/p>\n
More than 50 members heard Snaith, who regularly visits Jacksonville from the UCF campus in Orlando, present a forecast long on facts and short on immediate optimism.<\/p>\n
Snaith said that the economy has been growing since the third quarter of 2009, following the recession that began in December 2007 and ended in June 2009.<\/p>\n
\u201cIt was the worse recession since the Great Depression,\u201d said Snaith, who said that consumers lost $12.2 trillion in wealth during the economic carnage as the value of real estate and investment accounts plunged.<\/p>\n
In addition to using the term \u201ccarnage,\u201d Snaith also referred to the \u201cscar\u201d of unemployment as one that reminds him of Frankenstein.<\/p>\n
National unemployment remains near 10 percent while state and area unemployment has been 12 percent or higher.<\/p>\n
When Snaith talks about recovery, he talks about various indicators recovering in 2011, 2012, 2013 and even 2015.<\/p>\n
Snaith said as far as jobs, he sees an improvement in 2012-13 but doesn\u2019t think payrolls will reach pre-recession levels until 2015, an eight-year stretch from the start of the recession.<\/p>\n
Snaith said he doesn\u2019t see a V-shaped recovery, in which the economy recovers as steeply as it plunged. Instead, he sees what he has been calling the \u201cgravy-boat\u201d recovery, a shallower and longer recovery before the economy grows strongly again.<\/p>\n
He called the strong economic boost at the end of 2009 \u201ca lump in the gravy boat.\u201d<\/p>\n
Snaith didn\u2019t talk about political party predictions on Election Day, but he did talk about a U.S. forecast relative to what he called the \u201cSkyMall policy.\u201d<\/p>\n
SkyMall is the airline and online catalog of gadgets that Snaith said he is convinced he really needs until he\u2019s off the plane and heading for his luggage.<\/p>\n
He said he was enticed with the gadget that allowed a griller to sear his or her initials into the steaks, and was piqued by the inflatable pillow that nestles onto the seatback trays, although he wonders what happens when the passenger in front leans back.<\/p>\n
He said he actually bought a clothes steamer, but found himself with a still wrinkled but soggy suit. The appliance now sits in his garage, gathering dust.<\/p>\n
\u201cI have my suspicions there is a SkyMall catalog with economic policies floating around the Beltway\u201d in Washington, D.C., he said.<\/p>\n
He referred to several government programs, including the American Recovery and Reinvestment Act of 2009, health care reform and the Troubled Asset Relief Program, as \u201cSkyMall policies.\u201d<\/p>\n
They look good, but did they or will they work as advertised?<\/p>\n
And, he said, \u201cneither party has the magic wand\u201d when it came to Republicans and Democrats.<\/p>\n
Snaith said the Florida economic recovery began in the first quarter of 2010, but that it will be slow because of the \u201cfloundering\u201d labor market as well as a change in demographics.<\/p>\n
Formerly a strong population growth state, Florida has not been attracting as many out-of-state retirees because they can\u2019t sell their homes and they lost retirement wealth.<\/p>\n
Similarly, the state also is not attracting as many job seekers because there aren\u2019t many employment opportunities and the seekers might not be able to sell their homes to make the move anyway.<\/p>\n
Snaith told the commercial real estate practitioners that he expects \u201ca couple more difficult years.At the same time, he said, \u201cThose that survived the recession came out stronger.\u201d<\/p>\n
Source: The Daily Record, Snaith: Expect years of economic austerity<\/a>, by Karen Brune Mathis, managing editor, 11\/03\/2010, kmathis@baileypub.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Economist Sean Snaith doesn\u2019t think the recession of 2007-2009 will leave the same psychic imprint on consumers today that the Great Depression had on its survivors. \u201cNo, it won\u2019t be a lifetime-altering experience,\u201d said Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida College of Business Administration. That doesn\u2019t mean it won\u2019t have an effect.…","protected":false},"author":20,"featured_media":17528,"comment_status":"open","ping_status":"closed","sticky":false,"template":"template-twocol.php","format":"standard","meta":{"_acf_changed":false,"lazy_load_responsive_images_disabled":false,"footnotes":"","_links_to":"","_links_to_target":"","_wp_rev_ctl_limit":""},"categories":[21],"tags":[1490,2303,4194,202],"tu_author":[],"class_list":["post-17526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinions","tag-economy","tag-institute-for-economic-competitiveness","tag-sean-snaith","tag-alumni"],"yoast_head":"\nSnaith: Expect Years of Economic Austerity | University of Central Florida News<\/title>\n<meta name=\"description\" content=\"Economist Sean Snaith doesn\u2019t think the recession of 2007-2009 will leave the same psychic imprint on consumers today that the Great Depression had on its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Snaith: Expect Years of Economic Austerity\" \/>\n<meta property=\"og:description\" content=\"Economist Sean Snaith doesn\u2019t think the recession of 2007-2009 will leave the same psychic imprint on consumers today that the Great Depression had on its\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/\" \/>\n<meta property=\"og:site_name\" content=\"University of Central Florida News | UCF Today\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/UCF\" \/>\n<meta property=\"article:published_time\" content=\"2010-11-03T16:57:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-07-02T14:04:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ucf.edu\/wp-content\/blogs.dir\/20\/files\/2010\/11\/sean.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"349\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Terry Helms\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@UCF\" \/>\n<meta name=\"twitter:site\" content=\"@UCF\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Terry Helms\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/\"},\"author\":{\"name\":\"Terry Helms\",\"@id\":\"https:\/\/www.ucf.edu\/news\/#\/schema\/person\/f83b77800ced2081c86229648f953680\"},\"headline\":\"Snaith: Expect Years of Economic Austerity\",\"datePublished\":\"2010-11-03T16:57:36+00:00\",\"dateModified\":\"2018-07-02T14:04:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/\"},\"wordCount\":694,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.ucf.edu\/wp-content\/blogs.dir\/20\/files\/2010\/11\/sean.jpg\",\"keywords\":[\"economy\",\"institute for economic competitiveness\",\"sean snaith\",\"UCF Alumni\"],\"articleSection\":[\"Opinions\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2010\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.ucf.edu\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/\",\"url\":\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/\",\"name\":\"Snaith: Expect Years of Economic Austerity | University of Central Florida News\",\"isPartOf\":{\"@id\":\"https:\/\/www.ucf.edu\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.ucf.edu\/wp-content\/blogs.dir\/20\/files\/2010\/11\/sean.jpg\",\"datePublished\":\"2010-11-03T16:57:36+00:00\",\"dateModified\":\"2018-07-02T14:04:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.ucf.edu\/news\/#\/schema\/person\/f83b77800ced2081c86229648f953680\"},\"description\":\"Economist Sean Snaith doesn\u2019t think the recession of 2007-2009 will leave the same psychic imprint on consumers today that the Great Depression had on its\",\"breadcrumb\":{\"@id\":\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#primaryimage\",\"url\":\"https:\/\/www.ucf.edu\/wp-content\/blogs.dir\/20\/files\/2010\/11\/sean.jpg\",\"contentUrl\":\"https:\/\/www.ucf.edu\/wp-content\/blogs.dir\/20\/files\/2010\/11\/sean.jpg\",\"width\":349,\"height\":300,\"caption\":\"Photo credit: Karen Brune Mathis. UCF economist Sean Snaith and Commercial Real Estate Women Jacksonville President Melissa Gross-Arnold.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.ucf.edu\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Snaith: Expect Years of Economic Austerity\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ucf.edu\/news\/#website\",\"url\":\"https:\/\/www.ucf.edu\/news\/\",\"name\":\"University of Central Florida News | UCF Today\",\"description\":\"Central Florida Research, Arts, Technology, Student Life and College News, Stories and More\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ucf.edu\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.ucf.edu\/news\/#\/schema\/person\/f83b77800ced2081c86229648f953680\",\"name\":\"Terry Helms\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ucf.edu\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8db26b6f6d60d840801b3dad7f306eb53326757ffd70fcddc856a9ca91688420?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8db26b6f6d60d840801b3dad7f306eb53326757ffd70fcddc856a9ca91688420?s=96&d=mm&r=g\",\"caption\":\"Terry Helms\"},\"url\":\"https:\/\/www.ucf.edu\/news\/author\/thelms\/\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#local-main-organization-logo\",\"url\":\"\",\"contentUrl\":\"\",\"caption\":\"University of Central Florida\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Snaith: Expect Years of Economic Austerity | University of Central Florida News","description":"Economist Sean Snaith doesn\u2019t think the recession of 2007-2009 will leave the same psychic imprint on consumers today that the Great Depression had on its","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/","og_locale":"en_US","og_type":"article","og_title":"Snaith: Expect Years of Economic Austerity","og_description":"Economist Sean Snaith doesn\u2019t think the recession of 2007-2009 will leave the same psychic imprint on consumers today that the Great Depression had on its","og_url":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/","og_site_name":"University of Central Florida News | UCF Today","article_publisher":"https:\/\/www.facebook.com\/UCF","article_published_time":"2010-11-03T16:57:36+00:00","article_modified_time":"2018-07-02T14:04:11+00:00","og_image":[{"width":349,"height":300,"url":"https:\/\/www.ucf.edu\/wp-content\/blogs.dir\/20\/files\/2010\/11\/sean.jpg","type":"image\/jpeg"}],"author":"Terry Helms","twitter_card":"summary_large_image","twitter_creator":"@UCF","twitter_site":"@UCF","twitter_misc":{"Written by":"Terry Helms","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#article","isPartOf":{"@id":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/"},"author":{"name":"Terry Helms","@id":"https:\/\/www.ucf.edu\/news\/#\/schema\/person\/f83b77800ced2081c86229648f953680"},"headline":"Snaith: Expect Years of Economic Austerity","datePublished":"2010-11-03T16:57:36+00:00","dateModified":"2018-07-02T14:04:11+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/"},"wordCount":694,"commentCount":0,"image":{"@id":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ucf.edu\/wp-content\/blogs.dir\/20\/files\/2010\/11\/sean.jpg","keywords":["economy","institute for economic competitiveness","sean snaith","UCF Alumni"],"articleSection":["Opinions"],"inLanguage":"en-US","copyrightYear":"2010","copyrightHolder":{"@id":"https:\/\/www.ucf.edu\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/","url":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/","name":"Snaith: Expect Years of Economic Austerity | University of Central Florida News","isPartOf":{"@id":"https:\/\/www.ucf.edu\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#primaryimage"},"image":{"@id":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ucf.edu\/wp-content\/blogs.dir\/20\/files\/2010\/11\/sean.jpg","datePublished":"2010-11-03T16:57:36+00:00","dateModified":"2018-07-02T14:04:11+00:00","author":{"@id":"https:\/\/www.ucf.edu\/news\/#\/schema\/person\/f83b77800ced2081c86229648f953680"},"description":"Economist Sean Snaith doesn\u2019t think the recession of 2007-2009 will leave the same psychic imprint on consumers today that the Great Depression had on its","breadcrumb":{"@id":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#primaryimage","url":"https:\/\/www.ucf.edu\/wp-content\/blogs.dir\/20\/files\/2010\/11\/sean.jpg","contentUrl":"https:\/\/www.ucf.edu\/wp-content\/blogs.dir\/20\/files\/2010\/11\/sean.jpg","width":349,"height":300,"caption":"Photo credit: Karen Brune Mathis. UCF economist Sean Snaith and Commercial Real Estate Women Jacksonville President Melissa Gross-Arnold."},{"@type":"BreadcrumbList","@id":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ucf.edu\/news\/"},{"@type":"ListItem","position":2,"name":"Snaith: Expect Years of Economic Austerity"}]},{"@type":"WebSite","@id":"https:\/\/www.ucf.edu\/news\/#website","url":"https:\/\/www.ucf.edu\/news\/","name":"University of Central Florida News | UCF Today","description":"Central Florida Research, Arts, Technology, Student Life and College News, Stories and More","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ucf.edu\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.ucf.edu\/news\/#\/schema\/person\/f83b77800ced2081c86229648f953680","name":"Terry Helms","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ucf.edu\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8db26b6f6d60d840801b3dad7f306eb53326757ffd70fcddc856a9ca91688420?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8db26b6f6d60d840801b3dad7f306eb53326757ffd70fcddc856a9ca91688420?s=96&d=mm&r=g","caption":"Terry Helms"},"url":"https:\/\/www.ucf.edu\/news\/author\/thelms\/"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ucf.edu\/news\/snaith-expect-years-of-economic-austerity\/#local-main-organization-logo","url":"","contentUrl":"","caption":"University of Central Florida"}]}},"thumbnail":"https:\/\/www.ucf.edu\/wp-content\/blogs.dir\/20\/files\/2010\/11\/sean-300x258.jpg","primary_category":21,"primary_tag":1490,"author_byline":"Terry Helms","acf":[],"_links":{"self":[{"href":"https:\/\/www.ucf.edu\/news\/wp-json\/wp\/v2\/posts\/17526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ucf.edu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ucf.edu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ucf.edu\/news\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ucf.edu\/news\/wp-json\/wp\/v2\/comments?post=17526"}],"version-history":[{"count":3,"href":"https:\/\/www.ucf.edu\/news\/wp-json\/wp\/v2\/posts\/17526\/revisions"}],"predecessor-version":[{"id":87063,"href":"https:\/\/www.ucf.edu\/news\/wp-json\/wp\/v2\/posts\/17526\/revisions\/87063"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ucf.edu\/news\/wp-json\/wp\/v2\/media\/17528"}],"wp:attachment":[{"href":"https:\/\/www.ucf.edu\/news\/wp-json\/wp\/v2\/media?parent=17526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ucf.edu\/news\/wp-json\/wp\/v2\/categories?post=17526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ucf.edu\/news\/wp-json\/wp\/v2\/tags?post=17526"},{"taxonomy":"tu_author","embeddable":true,"href":"https:\/\/www.ucf.edu\/news\/wp-json\/wp\/v2\/tu_author?post=17526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}