Forbes: Economic rebound in 2 to 3 years - wave3.com-Louisville News, Weather & Sports

Forbes: Economic rebound in 2 to 3 years

Steve Forbes Steve Forbes
John Schlisfke John Schlisfke
Louisville, KY -

By Scott Reynolds - bio | email
Posted by Charles Gazaway - email

LOUISVILLE, KY (WAVE) - With Kentucky still sitting at about 10% unemployment and many others worried about keeping their jobs, you may be wondering when the tide will turn on our economy. That was the theme Nov. 15 when Steve Forbes and the CEO of Northwestern Mutual spoke to business leaders in Louisville.

In an exclusive interview after the event at the Kentucky Center, Forbes said that he believes that despite leaner work forces and decent profit margins at many companies right now, growth is coming.

"It's unnatural that the money sits still," said Forbes, the CEO of Forbes Media. "It's like clogged arteries ... you've got to unclog the arteries, and I think we will. It's gonna be a messy process, but it is gonna happen in the next two to three years. And as it does, you're gonna start to see if present companies don't do it, new ones will come along to do it. Competition works when you allow it."

Forbes says he believes the decision makers in Washington will give the tax breaks needed and make changes to the new health care laws to pave the way to grow out of our huge debt.

"The next two to three years are going to be very hard fought," said Forbes. "It will seem at times as hopeless, very messy, but that's how you lay the foundation for it. I think there's going to be some very positive changes in the economic foundations in this country. And keep the faith, we did this 30 years ago and we're gonna do it again."

"We have a great mobility of labor force," said John Schlisfke, the CEO of Northwestern Mutual. "We have the best markets in the world; we have the best rule of law in the world. So long term, I think that this is something the U.S. has seen before. We always get out of it."

Forbes says growth in India and China should actually be a golden opportunity for business in the U.S.

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