Established 1826 — Oldest College Newspaper West of the Alleghenies
NEWS

End of recession benefits local business

By Krista Savage, For The Miami Student

During President Barack Obama's State of the Union address Jan. 20, he promised the end of the recession and the continuation of a fast-growing economy.

"At this moment, with the growing economy, shrinking deficits, bustling industry and booming energy production, we have risen from recession, freer to write our own future than any other nation on earth," Obama said.

Statistics show American businesses have added 11.2 million private-sector jobs in the past 58 months, making it the longest streak on record. Our unemployment rate beat the forecasts and fell faster than in any year since 1984.

"The shadow of crisis has passed, and the state of the union is strong," Obama said.

The rise in economic growth impacted Oxford, as well. Local businesses are looking forward to what this year will bring.

Mona Kirby, co-owner and stylist of Attitudes Uptown Salon, feels her business has experienced the impact of the growing economy for the past few years.

"Over the last five years, it would seem like things have really picked up for us," Kirby said. "We would really like to see our business remain constant this year. It is very steady right now."

Kirby said she feels there is a bright future ahead for the United States economic growth.

"I wouldn't say that the recession, overall, is over yet, but our economy is definitely moving in the right direction." Kirby said.

Other businesses expressed the same satisfaction with the current state of the economy.

Peter and Tamar Lask, owners of Juniper clothing store, feel Oxford hasn't suffered from the recession the way other locations may have experienced it.

Enjoy what you're reading?
Signup for our newsletter

"I would say that we were affected differently, being in the fashion business," Peter Lask said. "In Oxford, the money in students' pockets hasn't ever seemed to be an issue. They've continued to shop, throughout the recession."

Even though businesses in Oxford may have escaped the grasp of the recession, Peter Lask expressed his concern for other outside factors that would damage business at Juniper, including the time of year and how busy a student's schedule might be at a given time.

"Since our business is in fashion, and our customers are mainly Miami students, money in their pockets isn't an issue," he said.

Students also have opinions about the recent claims President Obama made in the State of the Union Address.

"I agree wholeheartedly with the claims made," first-year and College Democrats member Alissa Johnson said. "I definitely think businesses in Oxford will be experiencing a rise in business, if not already."

President Obama also spoke of the rise of employment in relation to the economy boom.

"Our economy is growing and creating jobs at the fastest pace since 1999," Obama said. "Our unemployment rate is now lower than it was before the financial crisis."

"I feel that the local businesses will have a greater opportunity to offer more jobs to hardworking students now, if business increases," Johnson said.

Overall, businesses in Oxford seem to be doing well regarding the on the standings of the economy, and some local business owners and students share the same opinions about the claims and statistics of the growing economy.

"Oxford was recession proof," Lask said.

Read More

Trending