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Leadership Louisville
Dr. James R. Ramsey
President, University of
Louisville
January 18, 2011
Thank you
Our Goal
“A Discussion”
A Place to Start
Economists like pictures and
graphs
Some dots and a triangle…
Quick overview of what’s
been happening
economically in the last
few years.
US GDP
Peak
Dec-07 (IV)
Mar-01 (I)
Jul-90 (III)
Jul-81 (III)
Jan-80 (I)
Nov-73 (IV)
Dec-69 ((IV)
Apr-60 (II)
Aug-57 (III)
Jul-53 (II)
Nov-48 (IV)
Decline in real GDP
-3.70%
0.40%
-1.40%
-2.90%
-2.20%
-3.20%
-0.20%
-1.10%
-3.70%
-2.60%
-1.70%
Endured worse economic downturn since
WWII
* Lowest level during the current recession. The next two quarters (2009:III and IV) have been positive.
Sources: NBER, BEA, and BLS.
151
71
Economy coming back, but job growth
will be slow
Dec-10
-131
Nov-10
200
Oct-10
-54
Sep-10
Aug-10
-200
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
600
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
National Non Agricultural Employment
(in 000s)
400
103
0
-95
-400
-600
-800
Kentucky Non Agricultural Employment
(in 000s)
1890.0
Dec '07
1872.4
1870.0
1850.0
Oct '00
1833.6
1830.0
1810.0
Nov '10
1774.4
1790.0
1770.0
Jan '99
1769.4
Jul '03
1777.6
1750.0
See any public policy issues here?
Kentucky Manufacturing Employment
(in 000s)
320.0
300.0
308.3
280.0
260.0
240.0
Nov '10
214.5
220.0
200.0
Structural not Cyclical
Issues – New Economic
Clusters
“Jobs of Tomorrow”
Knowledge Based Economy
4 Keys to Economic Growth
Education Pays
Per Capita Income in All 50 States v. Adults
Degrees or Higher
Data for 2007
$55,000
with Bachelors
$50,000
2007
$45,000
$40,000
$35,000
$30,000
$25,000
15%
20%
25%
30%
35%
40%
What’s all this have to do
with Higher Education?
We are expected to help
improve economic
opportunity and quality
of life for Kentuckians
(HB1-1997)
The Law has not changed.
UofL
“Premier Nationally Recognized
Metropolitan Research University”
Educated
Workforce
• Baccalaureates
• Professional
• Graduate
December 2010 Commencement
Research
• Funded $$
• Translational
$3.15 million grant will support
cancer research in Owensboro.
Community
• Quality of life
• Solving
problems
UofL’s RAM program changes
thousands of Kentuckians lives.
We understand economic
budget reality…
But everyone has
priorities
Kentucky has “leaks in the
budget”
(Kentucky Chamber of Commerce)
Students or Inmates?
One Leak in the Bucket
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