Above / The NACC 2017 Economic Forecast brought together Moderator John Koudounis, CEO of Calamos Investments, the event co-sponsor; (far left) and panelists John, P. Calamos, Sr., Chairman, Founder and Global Chief Investment Officer of Calamos Investments; Gus Faucher, PNC Financial Services Group Chief Economist; and Caroline Harris, Vice President and Chief Tax Policy Counsel at the U.S. Chamber of Commerce. (Photo courtesy Naperville Area Chamber of Commerce)
Annual economic forecast hosted by Naperville Area Chamber of Commerce and Calamos Investments was held on the anniversary of ‘Black Monday’
Last week, on the 30th anniversary of Black Monday, financial thought-leaders came together during the 10th Annual Naperville Area Chamber of Commerce (NACC) Economic Forecast at Hotel Arista in CityGate Centre to present their views on anticipated economic trends.
The Oct. 19 panel was composed of John Calamos, Sr., Chairman, Founder and Global Chief Investment Officer of Calamos Investments and co-host of the event, Gus Faucher, PNC Financial Services Group Chief Economist, and Caroline Harris, Vice President and Chief Tax Policy Counsel at the U.S. Chamber of Commerce.
Calamos Investments CEO John Koudounis served as moderator and began the discussion acknowledging the challenging, yet rewarding, role of being in business today.
Before introducing members of the panel he stated that the environment is very interesting right now for entrepreneurs.
“We have a lot of policy questions, but we have a growing economy and significant reductions in regulations,” Koudounis said.
The experts delivered a uniformly positive message on growth prospects for the year ahead, organizers said.
Challenge is keeping talented workforce to stay local
Faucher reported that the country is in the third longest economic expansion in history with more jobs, higher wages and a rise in consumer spending.
Zeroing in on the local economy, Faucher added that Chicago’s biggest challenge is keeping talent in the area. Just last week Cortland Capital Market Services, headquartered in Chicago, announced its planned workforce expansion in neighboring Indiana.
Calamos noted the Federal Reserve anticipates raising interest rates four more times over the next 12 to 18 months. With low levels of inflation, he believes the Fed moves may be more gradual, but noted a return to a more “normal” interest rate environment incentivizes banks to increase lending.
“This benefits small businesses and, in turn, stimulates economic growth via increased job and wealth creation,” said Calamos.
His comments generated many head nods within the audience, among them small business owners and entrepreneurs.
Optimistic outlook for small businesses, leading job creators
Calamos advised the audience that data and graphs outlining economic trends, including the optimistic outlook for small businesses, can be found by visiting his investment firm’s website, www.calamos.com, and selecting “Insights.”
Harris explained that the chances for tax reform boil down to what she refers to as the 3 Ps of tax reform, “procedural, policy and political.”
“Political considerations take up the oxygen and divert attention from finances,” she said, adding that the U.S. Chamber is seeking deregulation along with more immediate transparency.
“We need to know what the tax code is to provide some certainty and simplicity for businesses of all sizes,” she said. “U.S. dollars are not being repatriated.”
Approximately 150 local business professionals attended the Forecast at Hotel Arista, this year held in the afternoon followed by a cocktail reception. Previous Forecasts were held as breakfast meetings. The new time offered attendees the opportunity to meet with the panelists as the workday concluded.
Story submitted by Starr Lycos McCaffery, Director, Communications Strategy, Calamos Family Partners LLC; for the Regional Economic Forecast, co-hosted by the Naperville Area Chamber of Commerce. Photos courtesy NACC.
Editor’s Note / According to reports throughout the day from a variety of news outlets, the U.S. economy grew at a 3 percent annual rate from July through September. The claims were supported by the Commerce Department post Fri., Oct. 27, 2017. The report surprised economists who were expecting the devastation from the recent hurricanes to have more of an impact on growth. In fact, since April, the U.S, has enjoyed back-to-back quarters of 3 percent growth in gross domestic product. Likely that kind of steady growth news will give businesses and consumers confidence. As one of those businesses in the very “small” category, we certainly welcome it.
On further consideration, if only citizens could figure out how to hold public officials they elect accountable to a promise to build a more efficient government; free from the “use it or lose it” attitude toward taxpayer money in budgets; and free of fraud, abuse and waste (perhaps create a “FAW” test to check spending), so citizens can keep more of their hard-earned money to invest when and where they want. —PN
