Another difficult year ahead

Well-known economic forecaster Robert Genetski told about 500 members of the suburban business community Thursday to wait until next year. He was not talking about the Cubs.

“We’re in for another difficult year with sluggish growth,” Genetski said at an economic breakfast sponsored by Cornerstone National Bank & Trust.

Genetski, who has become known over the years as an optimistic forecaster, did not serve much positive news at the breakfast at the Cotillion Banquet Facility in Palatine.

However, looking down the road, he sees a little bit more hope. Believing strongly in the need to follow classic economic principles, Genetski sees a slow shift back toward these conservative rules. “If this shift continues, next year I will have a much better outlook for the year ahead.”

Genetski firmly believes that a “significant reduction” in government spending is the main way out of the financial crisis. He added that his interest now is who will replace President Obama. Genetski believes that any of the Republican candidates would bring a move toward the classic economic principles.

Genetski, who has been crowned a top speaker in the field of economics and finance, is known for the simplicity with which he explains critical, complex concepts. He recently completed his fourth book, “Classic Economic Principles & the Wealth of Nations,” a signed copy of which went to all attendees at the breakfast.

Noting that the book is only 100 pages long, he called it an “easy read” and joked that even his 14-year-old grandson could understand it.

“But my grandson told me it was a little on the wordy side. That’s how kids are today,” he said with a laugh.

The jokes that Genetski tells during the annual forecast helps keep the serious subject matter more palatable. And it keeps attendees coming back every year.

“I think he’s a tremendous speaker. I always find it interesting,” said Dan DiCaro who is on a board at Northwest Community Hospital.

Mike Lauesen, of Nicoat in Itasca, enjoys the annual forecast as well. “He holds himself accountable,” Lauesen said of the economist.

Last year at this time, Genetski predicted the economy would face lots of problems fighting against various financial headwinds. He also said at that time that the stock market would be volatile. “Last year I depressed the audience,” Genetski said.

He joked Thursday that it must have not been all that depressing, as another large crowd came back again this year.

“I always find the forecast informative,” said Kent Nelson of Fore Tool Co. in Mundelein, adding “I just wish it was more positive.”