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August 22, 2010 127th year No. 234
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Coping with
WHO’S NEWS
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RECESSION is not easy
Joseph “Jeb” Burns joined Westchester Country Day School’s faculty as a Middle School history teacher. Burns has served as a math tutor at Aycock Middle School and as a substitute teacher for Guilford County Schools.
Before you read...
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Economists: ‘Double-dip’ possible, but not likely BY PAM HAYNES ENTERPRISE STAFF WRITER
HIGH POINT – The term “double dip” can be a positive one at times. It’s hard to argue that a double dip of ice cream, for example, is anything but a good thing. But when its used in front of the word “recession,” it invokes a different feeling. “The worst thing that could happen right now would be if we talked ourselves into that double dip recession,” said Michael McCully, associate professor of economics at High Point University, referring to a recession followed by a period of growth and another recession. National reports indicate that’s where the economy is today – either in a period of slow growth or on its way back down. Depending on who you ask, the recession may or may not be over. But those who know how the economy works know that another downturn isn’t out of the question yet. “The biggest risk to me
SERIES BREAKOUTS
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TODAY: Is the recession over? MONDAY: Single mother tries to stay afloat TUESDAY: Charities feel the bite in down economy WEDNESDAY: How local businesses are coping THURSDAY: The state of the lending, housing markets in the Triad FRIDAY: A look at today’s jobs picture SATURDAY: Are you better off now than you were last year? Two years ago?
is that we’re going to have weak growth,” said Andrew Brod, director of the Center for Business and Economic Research at the University of North Carolina at Greensboro. “We’ve actually already had a double dip between
2008 and 2009. The question is, will we see a triple dip?” The economy has seen several periods of back-to-back quarterly declines, and that causes insecurity, McCully said. Consumer confidence has been an area that hasn’t bounced back since it began its steep drop in 2008. “Fear dominates our thinking,” he said. “It could make us stop spending and cause another recession.” McCully said there are two sides to the double dip recession approach – optimists who say we’re experiencing slow growth without sliding backwards and pessimists who say the country’s budget deficits are too great to yet recover from. But Brod notes that predicting recovery in today’s economy is a tricky subject. “We cannot interpret this recession in a way we’ve understood other recessions,” Brod said. “It is categorically and quantitatively different. What we understand about this one is that it is different in kind.”
Is the recession over? Experts point to signs of a sluggish recovery, but for many, the light at the end of the tunnel has yet to appear, or is a small one indeed. This seven-part series examines the lingering effects of the economic downturn in the Triad, through the eyes of a struggling single mother, through local charities with bare cupboards, through local retailers who remain anxious for customers to return and through local Realtors and bankers who have seen some of the worst times in decades. It also asks the question: Are you better off now than you were two years ago?
Experts point to sluggish recovery HIGH POINT – The stock market crash. The housing market crash. The day a multi-generational manufacturing company closed its doors. When the recession officially began is a disputed subject among some economists and bankers, but officials will agree on one statement – the last three years have been the worst situation the United States has faced since the Great Depression in the 1930s. Between the days of subprime mortgages and talks of a double-dip recession is HARD TIMES what is now known as the Great Recession. According Living in the to Michael McCully, associrecession ate professor of economics ■■■ ■■■ at High Point University, some recent economic hardships have mimicked the events of the 1930s. “In both cases, the government eventually spent a lot of money trying to get us out of it,” said McCully, who has expertise in the time of the Great Depression. “They pumped a lot of money into the economy. We also cut interest rates pretty low.” But the government response has been much faster this time, said McCully, refer-
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BY PAT KIMBROUGH ENTERPRISE STAFF WRITER
HIGH POINT – Revitalization efforts in one southeast High Point neighborhood got a boost after a recent City Council decision. The council voted to rezone a 20-acre area between Washington Street and Graves Avenue, east of N. College Drive and near Washington Terrace Park, to allow only single-family homes with a minimum lot size of 5,000 square feet to be constructed in the future. The rezoning will not affect existing duplexes and other multi-family sites and churches in the area.
Community Development & Housing officials requested the rezoning in the hope that preserving the single-family character of the neighborhood will help spur redevelopment efforts. Several Habitat for Humanity houses have been built on Graves Avenue for low to moderate income buyers. The city has acquired 15 to 20 properties in the area which could be used to supplement the cluster of Habitat homes. City officials described the initiative as similar to previous rezoning approvals that facilitated redevelopment in the Macedonia and Southside neighborhoods. The change will prevent apartment complexes from being built in the area. It also addresses a concern from the Core City plan
NEW LEADER: High Point church names new pastor. 1B
BY PAM HAYNES ENTERPRISE STAFF WRITER
EXPERTS, 2A
Revitalization efforts get a boost Rezoning aims to preserve neighborhood’s character
INSIDE
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that several existing single-family lots could be purchased and combined for the purpose of constructing multi-family housing
The change will prevent apartment complexes from being built in the 20-acre area between Washington Street and Graves Avenue. in an inappropriate location that would be detrimental to the surrounding neighborhood. Still, some council members
questioned whether things like townhomes should be allowed. “Not everybody is looking to build a single-family home there. I just think there needs to be more options in that area,” said Councilwoman Bernita Sims. According to the city, about 60 percent of the neighborhood is comprised of single-family dwellings, and duplexes make up about 25 percent. “It’s been our experience we have a high degree of rental (property) in that area,” said Mike McNair, director of Community Development & Housing. The council’s Planning and Development committee will work with city staff to look into what additional action might be taken to allow townhome development.
OBITUARIES
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Randy Carter, 48 Rue Holder, 103 Dilcie Leake, 94 Sherri Mauldin, 63 Don Melton, 67 Stephen Schneider, 45 Tony Sharp, 64 Alma Stilwell, 89 Annie Truesdale, 63 Obituaries, 2B
WEATHER
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Spotty storms High 86, Low 70 8D
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