Nearly a year after an economist told local business leaders to “find their voice” to change the economy, the markets are turning around, albeit slowly.

Joe Battipaglia, a market strategist for Stifel, Nicolaus and Co., investment officer of Washington Crossing Advisors and a speaker and author, returned to the LaGrange-Troup County Chamber of Commerce on Tuesday after speaking to leaders last spring.

“The private sector has begun the healing process,” Battipaglia said. “It’s weak so far, but it’s moving in the right direction.”

One of the major challenges, however, remains government’s action on the economic crisis, which is why it’s important business owners and others continue to use their voice to try and influence policy, he said.

“Consumers were the first ones” to reduce personal and business debt and scale back, he said. Home Depot plans on opening only one new store this year; Macy’s department store will close three locations.

Public policy hasn’t been as efficient, he said. Stimulus plans, approved by President George W. Bush in 2008 and President Obama in 2009, were used to pay down debts and get ahead on bills, not actually “stimulate” spending at businesses. Even the infrastructure stimulus funds earmarked by Obama were used for projects already planned; nothing new was funded with the $787 billion, he said.

Battipaglia said retiring baby boomers will have as much effect on the economy as anything in the coming years.

“We’re not ‘booming’ anymore,” he said. “People are downsizing and slowing down. They’re being less aggressive with their 401(k). And the next generation isn’t going to be big enough to have the effect we did.”

Jennifer Shrader may be reached at jshrader@ lagrangenews.com or at (706) 884-7311, Ext. 236.