Nevada’s Economy is Getting Worse Not Better

Nevada’s unemployment rate now stands at 13.1%, a number that does not reflect people who’s benefits have run out, or others who have had to settle part time work until things get better.

Bill Anderson, chief economist for the state Department of Employment, Training and Rehabilitation, said the job loss figures cast “further doubt on the likelihood for a near-term economic recovery in Nevada.” He also said: “The much anticipated opening of City Center in Las Vegas failed to be the immediate catalyst the leisure and hospitality industry needed to stop the evaporation of jobs.”

In the early 1980s we had a downturn that lasted about a year and a half. This one is over two years old, going strong and, according to Bill Anderson: “Despite the length and depth of the downturn, Nevada’s job market will likely worsen in the months ahead.”

When I read that the “experts” were surprised that the opening of City Center didn’t revitalize the hotel and entertainment industries I’m the one who looks surprised. –Why in God’s name would they think that it would? We have an over abundance of rooms and the City Center project was aimed at well heeled tourists with plenty of loose cash. –An increasingly illusive target.

The problem is; when “they” were touting all these new jobs City Center would create, they just sort of skimmed over the 12,000 or so construction workers who were about to become unemployed. They also failed to tell us where all the tourists that would be required to keep everyone employed were going to come from.

Unless it’s a project that will miraculously put money in the potential tourist’s pocket, most people don’t care about yet another joint opening in Las Vegas. They are far to preoccupied with trivial things; like finding work, paying the rent, and feeding their families.

Our entire economy is built on separating a fool and his money. Well, I’m afraid the money lenders, with their friends “on the hill” and in the SEC, have not only beat us to the punch, they’ve shown us just what rank amateurs we are.

As a business there is nothing we can do about a failing economy. –All we can do is to stay conservative, try even harder to hustle the other guy’s business and figure out how to survive the inevitable increase in the forfeiture rate.