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President’s Outreach. Dr. James R. Ramsey President, University of Louisville. October 25, 2010. We do know where Prestonsburg is! Thanks for being here. 2. Economists like pictures and graphs Some dots and a triangle…. 3. 4. Heck, I’m an economist so let’s talk about the economy.

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President’s Outreach


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Presentation Transcript
slide1

President’s Outreach

Dr. James R. Ramsey

President, University of Louisville

October 25, 2010

slide2

We do know where

Prestonsburg is!

Thanks for being here.

2

slide3

Economists like pictures and graphs

Some dots and a triangle…

3

slide5

Heck, I’m an economist

so let’s talk about

the economy.

5

slide6

We know that nationally times

have been unprecedented

* Lowest level during the current recession. The next two quarters (2009: III and IV) have been positive.

Sources: NBER, BEA, and BLS.

slide8
The economy has lost momentum – but should avoid a “double dip”

Accelerated growth first half of the year. Inventory build up

Consumer is saving – long term a good thing

Business also cautious - cost containment – not adding workers

Slow/very slow recovery

National Economic Thoughts

kentucky s budget outlook
Kentucky’s Budget Outlook

I always start with employment in the state:

People working = income

- state income taxes

- sales tax

Sales/Income => 70% of state’s general fund

9

kentucky has not been immune to those impacts
Kentucky has not been immune to those impacts

Nonfarm employment in thousands

10

slide11

Kentucky Economy:

Manufacturing – Our Bread and Butter

(in thousands)

11

where will jobs of tomorrow come from
Where will jobs of tomorrow come from?
  • Healthcare/life sciences
  • Logistics/distribution
  • Advanced manufacturing
  • Energy research
  • Business services

12

things to note
Things to note
  • Economic transformation slow
  • Education all education more important than ever

(We are in this together)

13

education pays
Education Pays

Per Capita Income in All 50 States v. Adults with Bachelors Degrees or Higher Data for 2007

14

other leaks
Other “Leaks”
  • Medicaid/health issues
  • Public employee pension
    • KTRS
    • KERS

Defined benefit programs

16

cpe legislative research commission response to data request september 1 2010

Challenges, but…

To Close on a Good Note

CPE/LEGISLATIVE RESEARCH COMMISSION RESPONSE TO DATA REQUESTSEPTEMBER 1, 2010

17