The State of our Economy: What Americans Can Do

Tuesday, February 5, 2008

The economy is a topic on everyone's mind and Americans are frustrated that the problem cannot be fixed overnight. With experts, political candidates and journalists weighing in on the issue, many varied opinions are in the forefront of the media.

Christopher Coyne, Ph.D., associate professor of finance at Saint Joseph's University in Philadelphia, thinks the best response is to not panic about the state of our economy.

"The economy will recover, and slowdowns of this type are not uncommon," he said. "It's hard to wait if you are one of the individuals suffering, but the economy will correct itself."

Despite speculation of a recession, Coyne, by definition, rules out the notion.

"A recession is defined as decline in gross domestic product or negative real economic growth for two successive quarters," said Coyne.  "With this definition, it would seem we are not in one."

Americans can be proactive in dealing with the current economic conditions. In the past, spending  tax rebates has been effective. "Tax rebates are a great mechanism for getting money right back to  the public," Coyne said. He adds, however, that there is still a negative aspect concerning tax rebates because the government still spends the money that they lose from rebates. For the past few months, the saving rate for this country has been negative, which means that people are spending their money from a savings account.

If you are interested in speaking with Christopher Coyne for a story, he can be reached by telephone at 610-660-1668 and by email

Expand this section