President’s Column: By Peter M. Eick, P.G.
Is it a depression yet?

 

April is tax month. On April 15, your taxes are due and thus this month I’ll focus on accounting and taxes. As I was doing my taxes, I reflected on what the past year has brought us in our industry. Last year at this time we were in the heady excited period just wondering how high oil would go and cringing every time we went to the gas pump or got our summer electric bills. Now when I fill up my truck I cringe at how little it costs. Basically, the word from the economists is that the economy is a wreck and we are in a recession bordering on a global depression. Speaking as the GSH Treasurer, I can certainly say the economic hard times have impacted our societies society’s financial condition.

 

Let’s review what happened in 2008. What can I say? Are we in a depression yet?  Looking at the GSH books, I can say our financial position today is worse then it was a year ago. I am sure that most of you have looked at your 401K’s and thought the same thing. Fortunately, for most of us, we are still working so we are adding to our 401’s and not drawing against them.

 

Download PDF to read entire articel

•  del.icio.us •  digg •  facebook
E-mail this article to a friend (requires login).