Chattanooga, TN (Aug. 19, 2010) - Senator Bob Corker warned of "a looming wave of debt" in the U.S. and advocated "a construct that forces us to cap spending and incentivize growth" during his keynote speech to the Chattanooga Area Chamber of Commerce Annual Meeting on Wednesday.
The 1,300 business leaders at the Convention Center represented the largest attendance for a meeting in Chamber history.
Corker said that Congressional Budget Office figures show a widening gap between U.S. spending and revenues leading to a $1.25 trillion chasm by 2020.
The junior senator from Tennessee and former Chattanooga mayor said he is preparing a bill that aims to lower the national debt in a decade to acceptable levels of between 18 percent and 21 percent of GDP. He said he will be devoting his energies to calling attention to this "most important issue" and hopes to bring the American people to agreement that we must reduce the national debt and at the same time grow the GDP.
Chamber President and CEO Tom Edd Wilson reported that during the past year the Chamber helped 18 companies announce 1,198 new jobs. "These new jobs will benefit everyone in our community by creating $47 million in new labor income that will flow across our whole economy," Wilson said. "This is a big win for the economy, and the Chamber works very hard to make sure that these projects succeed."
Wilson pointed out that while the community is grateful for the jobs created by the recruitment of major companies, such as Volkswagen and Alstom, the expansion of existing companies plays a significant role in the local economy.
"These growing companies represent a wide range of industries, including SIAG Aerisyn’s wind tower manufacturing operation, T-Mobile’s customer care center and Wrigley’s addition of production capacity to make LifeSavers mints in Chattanooga," Wilson said.
Outgoing Chamber board chair Tom White told the audience that over the past year the Chamber referred 10,000 customers to member businesses, hosted events where members could build business relations with 11,000 professionals and helped launch the Principal Leadership Academy through a partnership with Hamilton County Schools, the PEF and UTC.
White, who is senior vice president of investor relations for Unum, noted that Unum was one of the first funders of the Academy, a pioneering effort to prepare aspiring school principals. The curriculum contains a strong business component and includes a mentorship program matching the prospective principals with area CEO’s.
"The Principal Leadership Academy arose from the realization that the success of a school, like the success of any enterprise, depends on good leadership to coordinate, engage and inspire students, teachers and parents in achieving educational excellence," White said.
Ron Harr, who will serve as Chamber board chair this year, pointed out the Chamber-managed Business Development Center houses 55 start-up companies with 400 employees, making it one of the largest incubators in the nation.
"The Chamber is leveraging Hamilton County’s $4 million renovation of the BDC to make the facility into a hub for delivering this proven program of support to small businesses located across the community – even if they have never been a BDC tenant," said Harr, senior vice president of human resources for BlueCross BlueShield of Tennessee.
Wilson presented the Chamber’s North Hamilton County Council with the Council of the Year Award. Marty Cabe, council president last year and an investment representative with Edward Jones, accepted the award for the Council’s support of education and community projects.
Wilson presented the Ambassador of the Year Award to Eddie Wilkes, who owns Earth Friendly Imprints. Wilkes is one of the pillars of the Ambassadors, volunteers who serve as liaison between the Chamber and its members.
Wilson announced that the Chamber’s next plenary meeting will be a Governor’s Luncheon with Gov. Phil Bredesen on January 12.
