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President’s Outreach

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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  1. President’s Outreach Dr. James R. Ramsey President, University of Louisville October 25, 2010

  2. We do know where Prestonsburg is! Thanks for being here. 2

  3. Economists like pictures and graphs Some dots and a triangle… 3

  4. 4

  5. Heck, I’m an economist so let’s talk about the economy. 5

  6. 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.

  7. National Non-Farm Employment(in thousands) - 7

  8. 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

  9. 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

  10. Kentucky has not been immune to those impacts Nonfarm employment in thousands 10

  11. Kentucky Economy: Manufacturing – Our Bread and Butter (in thousands) 11

  12. Where will jobs of tomorrow come from? • Healthcare/life sciences • Logistics/distribution • Advanced manufacturing • Energy research • Business services 12

  13. Things to note • Economic transformation slow • Education all education more important than ever (We are in this together) 13

  14. Education Pays Per Capita Income in All 50 States v. Adults with Bachelors Degrees or Higher Data for 2007 14

  15. Students or Inmates?

  16. Other “Leaks” • Medicaid/health issues • Public employee pension • KTRS • KERS Defined benefit programs 16

  17. Challenges, but… To Close on a Good Note CPE/LEGISLATIVE RESEARCH COMMISSION RESPONSE TO DATA REQUESTSEPTEMBER 1, 2010 17

  18. Thank you – 18

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