PNC :: Economist Discusses Recession After Buildup
Tuesday, 26 January 2010
Guam - The Economic development subcommittee held a public meeting this afternoon on the economic impacts of the military buildup.
Former GovGuam chief economist Joe Bradley provided the subcommittee with an overview of the economic assessment conducted as part of the military's Draft Environmental Impact Statement. While many have touted the economic benefits of the military buildup the DEIS itself states that the boom of the buildup will be followed by a recession. It's referred to in the DEIS as the "boomtown effect."
Bradley says that this recession after the boom may lead to local families again leaving island for better opportunities elsewhere. He says that a similar thing happened after Guam's tourism boom and history has shown on that when this happens it's not the rich or poor that leaves but the middle class.
Written by : Clynt Ridgell