Monday, December 8, 2008
In light of the current financial crisis and amidst growing concerns about unfunded pension, Pittsburgh City Council turned to experts for advice. Five financial experts today testified at a hearing this afternoon outlining the the financial crisis on the whole and its ramifications for city finances. Chief Economist of the Bank of New York Mellon Corporation Richard Hoey says although it was projected that the United States might end up in a recession following an economic boom in the 90's, the countries are feeling the effects of a recession worldwide. Vice President and chief economist for the PNC Financial Services Group Stuart Hoffman says Pittsburgh will really feel the effects of this recession in 2009 as he predicts a drop in interest rates. The financial experts also offered advice on possible local solutions to the financial crisis. Ron Bloom, special assistant to the president of the United Steelworkers Association (USWA) says part of the fix locally could involve public investment in infrastructure such as bridge construction and repair. Though the situation looks bleak for now, several experts did offer hope that the recession might begin to decline as early as June, 2009.