What the Recession Means to Franklin

Currently the nation is in a recession. Locally, we know that even Franklin is suffering the negative effects of this economic downturn. So what can we, as a city do? What is the responsible approach?

First we must be cautious with our plans, our spending and our debt. We must ensure that we do not over extend ourselves in any area. Second, I am convinced that we cannot tax our way out of the current recession, nor can we spend our way out of it.

What we need to do is plan smartly and invest wisely to “grow” our way out of this recession. To me, this means that we cannot afford to stop dead in our tracks and simply cut, cut, cut. Businesses and municipalities that are too cautious; that pull back too much, and totally cut investments will find themselves on the downturn once the economy recovers.

In other words we have to plan, move ahead cautiously and be committed to investments that will provide future economic health and growth. The real challenge is to be ready to take advantage of the opportunities once our economy regains its strength. This is a balancing act and requires all those involved in City government to come together for the good of the city.

You can count on me – I am on board.

But, how do we approach this challenge? First, we must continue to sustain our city’s financial stability and security. We have a strong financial team and we must continue to make wise choices about our “trust fund” and how we spend city dollars to sustain our financial health. Second, we must keep our taxes low and remain business friendly. Third, we must use the tools in our City’s tool chest in preparing to grow our way out of this economic downturn. This means that we must keep our spending targeted for infrastructure and investments that will give our city the best return on our money. In short, we need to continue to invest in infrastructure, business development, tourism, and in opportunities that will maintain, and further enhance our city’s culture and quality of life.

If we follow this formula, I am convinced that even brighter days are ahead for Franklin.