Messenger Post Media
By Julie Sherwood
Posted Jan 20, 2013
The nation didn’t fall off the fiscal cliff, nor is it going to, Canandaigua National Bank and Trust Co.’s senior vice president and chief economist told business owners during a Canandaigua Chamber breakfast talk Friday at Wegmans.
“The country is not on the edge of the end,” said Greg MacKay, a Canisius College graduate who worked on Wall Street with Shearson Hamill and Company before joining CNB in 1973 as an investment analyst.
Treasurer of The Canandaigua National Corporation, MacKay oversees bank-wide economic policy and asset/liability policy. He also manages more than $100 million of various trust and investment accounts for individual clients.
Coming out of two big recessions that hit in 2002 and 2008, “it will take us a while to get back,” MacKay said. But behind the political rhetoric and scare tactics about a collapsing economy are clear signs the economy is solid and growing, he said.
Naming a number of positive economic indicators, MacKay cited a healthy gross domestic product, which represents the size of the economy; the growth in 401k retirement plans over the last three years; and the jump in housing starts.
Addressing the nation’s $1 trillion debt, MacKay added that is “normal” when considering the size of the U.S. economy is $15 trillion.
As MacKay took questions from business owners who attended the "Breakfast & Business" event, one person asked his advice for making the most sound financial decisions.
“Common sense,” said MacKay, adding, “Knowing what you make” and controlling your spending accordingly are key. Also important is not being afraid to invest your money, and continuing to invest, he said. “You have to do it bigger, better, faster, harder,” said MacKay, adding, “If you rode the stock market this far, stay.”