Economic Gloom – Not Doom

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Did you hear the one about the optimist who fell off the 30-story building?

We know he was an optimist because as he plunged past the 15th floor he was heard to exclaim cheerfully: “So far so good.”

But we’re not optimists here. No, sir. We’re realists.

So we found ourselves obscurely reassured by Arizona Treasurer Dean Martin’s observations on the current state of the economy, delivered to a huddled band of survivors yesterday at Payson Town Hall.

Granted, the state budget deficit may well gape open to $2.5 billion by the end of the current fiscal year. Granted, the economy has lost jobs for nine months running. Granted, Arizona’s housing market has slumped to historic lows — with an estimated 67,000 “excess” homes on the market. Granted, the stock moguls are making for the window ledge like cockroaches in a fire, each with a little golden parachute.

Then again — Arizona’s unemployment remains healthy at just over 5 percent. Moreover, you’ve got to set the swoon in housing prices against the ridiculous rise in prices in the two years before the mortgage meltdown. Once undervalued homes in Arizona started speaking in tongues and hearing visions, but are now probably valued just about right.

So there’s no rational reason to take your insured deposits out of the bank and start stuffing the mattress. Take up yoga, butter up the boss, ride it out.

Heck — it could be a lot worse.

So far so good. Right

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