Excerpts from a Jan. 16 presentation at the City Club of Portland by State Economist Tom Potiowsky:
'State governments cannot deficit-spend; that ability rests with our federal government.'
Noting that the agricultural sector will be helped by the declining U.S. dollar: 'We also hope that the power of the Atkins diet is stronger than the power of a mad cow.'
'Our forecast says the recession is over; my scientific gut says we still have possible bumps in the road.'
'Make no mistake: Whatever the state government does, it will have a dampening impact on the economy, for it is impossible for the state government to dodge the recession bullet. If state government raises taxes, this has an adverse impact on the economy. If state government cuts spending, this has an adverse impact on the economy. You cannot just look at one side of this equation.'
Expressing the hope that the state will break a string of three consecutive years of job losses:
'If Oregon loves dreamers, then Oregon certainly loves my office, for we have been dreaming of this recovery for the past two years.'