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Show Panguitch • Panguitch Lake • Hatch • Bryce • Tropic • Antimony • Henrieville • Cannonville • Escalante • Boulder • Duck Creek Thursday, April 30, 2009 • Issue # 213 IT AIN’T ALL BAD OUT THERE We often hear the phrase ‘this is the worst since the Great Depression’. This is like comparing a headache to a brain tumor. We don’t want to understate the current economic challenges, but we don’t want to overstate them either. Let us have an appropriate perspective, particularly here in Utah. - Gary Herbert - Lieutenant Governor, State of Utah Home Foreclosures: Utah foreclosure rate (1.4%) is less than half the national rate (2.9%). Utah homeownership rate is 4th highest in the nation. • Four states (CA, FL, AZ, NV) account for approximately half of all foreclosures. • Major factors that led to the rise of foreclosures are subprime lenders and speculation • During the Great Depression foreclosure rates neared 50% Bank Failures… According to the FDIC, there have been a total of 28 bank failures in 2007 and 2008. • In recession-free 1988-89, there were 1,004 failures. • Since the Great Depression, the average number of bank failures per year has been 94. Mortgage interest rates : Currently at 5% for 30 year fixed rate mortgages. • Business mortgages have doubled because of low interest rates. Housing: Bargain prices are bringing buyers back to the market. The number of existing homes sold in December rose 6.5% from the previous month. In the West homes surged 13.6%. GOED: The Governor’s Office of Economic Development has more than 120 companies in active discussions with the state about moving or expanding in Utah. Utah Exports: International exports from Utah during the first three quarters of 2008 was $8.1 billion. Over 50% higher than the value during the same period last year. This rate of growth ranks 4th among all states. Unemployment: 4.3% Utah (U.S. 7.2%) -Dec. 2008 During the Great Depression unemployment was 25% AAA Bonding Rating in Utah: This rating saves taxpayers money on interest costs. Utah Best Managed State: Pew Research Institute named Utah best managed state in nation Growth in Utah: Almost flat (Year-over job change in Utah was -1.9% in December 2008) Energy and Natural Resources had 7.2% positive growth in December and has potential for continued growth. Population in Utah: Utah’s population was an estimated 2,757,779 on July 1, 2008 - up 58,225 or 2.2% from July 1, 2007. • The Committee estimated that net in-migration in 2008 was 16,648, or about 29% of total population growth. Mineral Lease Money: Has increased by 109% since 2005 Tourism: Zion National Park - 2.7 million tourists visited the park in 2008 setting a new record for Zions. weather thursday high: 70 low: 36 PARTly CLOUDY friday high: 68 low: 40 PARTly CLOUDY saturday high: 59 low: 38 showers sunday high: 62 low: 36 few showers monday THUNDER showers high: 61 low: 35 tuesday showers high: 59 low: 35 wednesday showers high:68 low: 38 CARBON EMISSIONS LEGISLATION WHAT SHOULD SOUTHERN UTAH EXPECT? How climate change legislation will affect your electric bill and what you can do about it. - Garkane Energy Everyone has heard as the prices rise, coal-fired about “global warming” or power will become too ex“climate change,” which pensive to operate, forcing many scientists blame on power providers to switch human activities, specifi- to non-carbon resources, cally activities that emit or increase electric rates so carbon dioxide into the at- that consumers are forced mosphere. Carbon dioxide, to shut off the power. or “CO2,” is a colorless, Making fuel switches is odorless, tasteless gas com- not an easy process. Many prising about 0.04 percent coal-fired power plants There are No Low-Cost electricity when and if they of the atmosphere. It is could be forced to close and Alternatives to Coal can be successfully conemitted into the atmosphere new, very expensive plants Energy produced by structed. The government in every time any sort of com- would be built that will use alternative fuels and re- Washington D.C. has combustion process takes place non-carbon fuel sources. newable resources such as mitted hundreds of billions that is fueled with fossil-fu- The most plentiful and reli- wind, solar, geothermal, of dollars in public stimulus els or carbon-based energy able alternative fuel choice and others, are desirable in funds, hoping to double the such as oil, gas, natural gas, would be a major upsurge everybody’s book. Right amount of electricity supwood, or coal. in nuclear power plants now, all those resources plied from these alternative If you live in Utah, Ari- throughout the U.S. combined supply less than resources before the end zona or an adjoining state, Customers will shoulder 3% of today’s electric needs of the current presidential it’s likely a large portion of the cost in the U.S. The cost of these term. Even if these ambithe power you use in your If you rely on power from carbon-free alternatives is tious goals are met, it will home or business is com- coal-fired plants you will very high. State of the art barely “move the needle” ing from a coal-fired power have no choice but to pick wind turbines, built in the on the United States’ need plant. Coal is plentiful in up the bulk of this cost. very best wind zones, and for domestically produced the United States making Economic risks fully supported with tax coal-fired electricity. it a low-cost, domestically Recently, we’ve wit- subsidies from the governThe motive for our reproduced fuel. Coal’s low nessed how hikes in gaso- ment, can’t produce elec- cent ad campaign (which as cost translates directly into line and diesel prices can tricity at costs competitive a sidenote was not paid for affordable power bills and dampen the U.S. economy, with Deseret’s existing coal by Garkane) was to make a reliable energy source for leading to a downward eco- plant. The best solar gener- our members aware of our industry, agriculture and nomic spiral, and threaten- ating plants result in elec- research on the reliability, commerce. ing disaster. Adding a hid- tric costs that are more than affordability, and availabiliWhy We Need to be Con- den tax on CO2 at this point three times the comparable ty of Power in our area, and cerned is dangerous and risks even cost of electricity from re- the effects it would have. The cost of proposed leg- higher inflation and unem- liable coal-fired generators. The response to this ad islation First and foremost ployment. In any event, any New nuclear power plants campaign in our co-op was of concern is the cost of any hope of economic recovery will not be permitted or over 3500 members supcarbon legislation. Unlike would be greatly delayed, built for another decade or porting the fight curtailing “cap and trade” systems for and the current economic more, and will cost almost emissions legislation, and other pollutants, where al- downturn severely pro- as much as solar-powered nearly 30 against. lowances are granted free of longed. cost to utilities and industry, the most recent proposals in Washington D.C. mandate a government “auction” of allowances, amounting to a Study Shows 29,000 Cooperatives Employ More Than 2 Million hidden tax. Without buying allowances from the fedmembers who benefit from Agriculture Secretary Tom is nationwide.” eral government, utilities Vilsack today announced USDA’s Rural Develop- its products and services. like Deseret Power will be- that USDA has helped pro- ment received a $1.5 mil- Cooperatives are formed to come extremely high priced duce a comprehensive new lion Congressional ap- meet the specific objectives power providers. The cost study and database assess- propriation to develop the of members, and are strucof government auctioned ing the national economic project in conjunction with tured to adapt to members’ allowances will be set by impact of cooperatives. The the University of Wiscon- changing needs. the “highest bidder” so to study, “Research on the sin-Madison, the National This study was led by speak, and the proceeds of Economic Impact of Coop- Cooperative Business As- USDA Rural Developsales will mostly be used eratives,” is the result of ex- sociation and other private- ment’s Cooperative Servicto fund unrelated govern- tensive research that began sector associations. The es Program. Its mission is to ment programs and other in 2006. study is the first of what is promote understanding and requirements. By some esIt shows that more than expected to be a series of use of the cooperative form timates, the first year cost 29,000 American coopera- reports, analyses and web- of business as a viable way to purchase government tives generate revenues of based resources stemming to market and distribute agallowances could equate more than $654 billion and from this multi-year effort. ricultural products. USDA to $60 million or more, for employ more than 2 million Here are some of the key Rural Development’s misDeseret Power, which has workers. sion is to increase economfindings of the study: no choice but to pass those “Because of the hard • Number of Cooperatives: ic opportunity and improve costs through to you - the work that USDA and its 29,284 the quality of life for rural ultimate consumer. Many partners did, the nation now •Total Revenue: residents. area co-op General Man- has a more definitive view More than $654 billion For more information about rural programs, inagers used the term “dev- of the role and economic • Income: $133 billion cluding Business and Coastating” when describing strength of cooperatives • Wages: $75 billion operative Programs, contact the impact of the 100% in- in our economy,” Vilsack • Number of Employees: the Cedar City USDA Rural crease in electric rates that said. “Historically, coop- More than 2 million Development office at 435would result in their service eratives have always been The data and findings 586-7274 or visit this webareas. extremely important to from the study are at: http:// site: http://www.rurdev. A yearly increase rural America, serving as reic.uwcc.wisc.edu. A usda.gov/ut According to the most re- economic engines and in- cooperative is a business cent proposal out of Wash- novators. This study shows mutually owned and demington, the cost of buying how significant their impact ocratically controlled by allowances that permit CO2 emissions from the governDon’t think of retiring from the world until the world ment is designed to increase will be sorry that you retire. I hate a fellow whom Phone: 435-676-2621 annually, as the number of pride or cowardice or laziness drives into a corner, Fax 435-836-2700 allowances the government PO BOX 472, and who does nothing when he is there but sit and is willing to sell would be Loa, Utah 84747 growl. Let him come out as I do, and bark. snapshot@scinternet.net reduced year after year. To Samuel Johnson some, the goal is simple: USDA RELEASES FIRST-EVER NATIONAL STUDY DETAILING NATIONAL ECONOMIC IMPACT OF COOPERATIVES THE GARFIELD COUNTY INSIDER is owned and operated by Snapshot Multimedia and is distributed weekly to all of Garfield County. Its purpose is to inform residents about local issues and events. 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