Scott Paul greeted all Rotarians, visitors and guests with a warm greeting and firm handshake.
President Keith Bullock called the meeting to order and led the group in the Four Way Test, followed by Earl Hutto who led us in the prayer and the pledge.
Lou and Sandy Ray recently flew to Bonaire in the Caribbean and, while there, visited the local Rotary Club. The Bonaire Rotary Club has been in place for 27 years, and although it has only 27 members, last year it raised approximately $268,000 for various projects.
President Keith then noted that our Student Exchange Program is moving along very well, but we still have a need for one family to assist with student housing. He congratulated member Robert Mills and visitor Scott Sallis, who are providing housing.
The raffle drawing of $55 was awarded to Britt Landrum. Richard Sherrill then came forward to present sunshine. Richard introduced our military guests, two Ensigns of the United States Navy. He then introduced the one visiting Rotarian and a number of guests. The birthday celebration and singing was handled skillfully even without our piano accompaniment.
Present Keith then gave the floor to John Shaffer who introduced our speaker, Professor Rick Harper of the Haas Center at the University of West Florida. Professor Harper has been at UWF since 1989 after he earned his Ph.D. in economics from Duke University. Professor Harper focuses on the effect of governmental policy on the economic environment in our country.
Our speaker noted that the current economic situation in our country results in interesting times for economists. The Federal Reserve Bank and other agencies are engaged in unprecedented activities in an attempt to positively influence the markets and economic activity.
In Florida, the most recent budget (2008 – 2009) of $66 billion was $6 billion less than the state’s budget for 2007 – 2008. Although this is a significant shrinkage, just the amount of the shrinkage ($6 billion) is greater than the general revenue in the budgets of 22 other states. Nevertheless, the current economic situation finds most consumers with a greater debt load and facing increasing costs for fuel, groceries and other necessities.
Florida, in particular, faces unique challenges. The state’s growth, especially in the state’s revenue and budget, have primarily resulted from growth in population. At this time, growth is less than 3%. Florida now may face a more severe downturn than other states and areas.
The weakness of the U.S. dollar in comparison to foreign currencies also is causing some problems but also presents opportunities. The risk is that foreign investors may hesitate buying U.S. savings bonds and Treasury bills. The benefit of a weaker dollar is that international investors find that American firms and businesses are bargains.
Our speaker predicted that slow growth probably would continue in the State of Florida until 2010. The best hope for wage earners in our state is through continuing to improve quality and productivity, primarily through education.
After Professor Harper finished his prepared remarks, he opened the floor for numerous questions. Professor Harper confirmed that foreign investment in both financial and non-financial sectors probably would continue and even accelerate.
Although homeowners losing their residences through foreclosure are causing significant concerns in our country (with homeownership reduced from approximately 69% of the population to 67% within the last two years), this is having some positive effect on the rental market in other areas.
Growth in our economy is directly tied to population growth, according to our speaker. Consequently, a wise immigration policy is crucial for the continuing economic growth in our country.
In Florida, growth and the recovery of state revenues must be tied to insurance reform, especially hurricane/windstorm insurance reform, and property tax reform.
In response to an inquiry regarding the Airbus tanker deal and the rebid of the contract, Professor Harper believes that either manufacturer of the tankers (whether Airbus or Boeing) will need capability for manufacturing in the U.S. rather than Europe in order to produce these tankers for the U.S. military. Military spending has continued to grow, including procurement spending which has tremendously benefited Eglin Air Force Base and the surrounding areas.
Professor Harper presented a compelling portrait of the current economic situation in the U.S. with a focus on Florida. John Shaffer thanked our speaker and presented him with our Club’s cup.
President Keith thanked all participating in the program and reminded all Rotarians to “Make Dreams Real.”
Cal Moore and Miller Caldwell may be getting close to “go ahead” on the status of de Luna.
Ellis Bullock III and Gerry Hoewing have sizeable smiles after finding that Naval Aviation Museum visits are up almost ten percent while general tourism is down.
Carl Mertins had a mid-July scenic train trip through parts of Canada, beginning at the historic point where two Great Lakes join.
Jack Fleming’s hopeful that the city’s 450th anniversary may bring a revival of his super musical Seaplane. Jack spent July 4th in Hammondsport, New York, home of Glenn Curtiss, where they celebrated the centennial of the aircraft pioneer’s work.
Sherry Hartnett’s on the speaker’s stump detailing the proposed Baptist Hospital plans.
Bob Hart has celebrated arrival of a grandson…with the numeral IV after his name.
Congrats to Coy Irwin, who has added a business administration advanced degree from Auburn.
Vince Currie – July 22 – Pensacola, FL – 19 years
Paul Young – July 22 – Panama City, Fl - 19 years
Will Hart – July 25 – Pensacola, FL – 1 year
Blaise Adams – July 26 – Macon, GA – 17 years
MEMBERSHIP PROPOSAL:
William Stafford is a United States District Judge, Northern District of Florida Senior Judge. He served as a US Attorney, Northern District of Florida, 1969-1975. He was in the US Navy and attended Temple University. He was Past President of the Rotary Club of Tallahassee and Tallahassee YMCA. He is currently on the Board of Directors at Sacred Heart Hospital. He is married to Nancy and has three sons: William III, Donald and David, who is our Supervisor of Elections and a member of our Rotary. He is also a former member of the Pensacola Rotary Club.