"Peter George Morici, Jr." is an American economist and Professor of International Business at the Robert H. Smith School of Business/R.H. Smith School of Business at the University of Maryland, College Park. He is a graduate of SUNY Albany in New York State where he received his Ph.D in Economics in 1974.

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We simply don't know the extent of the economic and infrastructural damage in the Southeast, ... Of course, gas and heating fuel are going to be higher, and transportation of all goods will cost more in the short term.

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We really need some help from OPEC and the Saudis to help control inflation.

207

GM's announced plant closings do little to address the underlying problems, ... It will be smaller, but its per-unit costs will still be too high to compete.

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A trade deficit like this is unacceptable, ... It lowers our GDP growth.

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The largest threat to the survival of the automobile industry in the United States are the UAW [Union Auto Workers Union] contract and the legacy costs [of retired employees] on the one hand, and the management team that grew up in a rather cushy era in which they enjoyed market dominance.

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With the exception of the July burst in auto sales, retail sales growth has been weak in recent months because consumers are now strapped.

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We are caught in the situation of needing more materials for the construction effort and less ability to make them. The port's closure disrupts a lot of supply lines.

75

The outlook remains poor, ... Production cutbacks at Ford and GM, mediocre personal income growth and record trade deficits all bode poorly for economic growth and jobs creation.

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