There are many questions nowadays revolving around whether or not we're heading in the right direction with the economy. While the stock market isn't having the greatest start to 2016, several arguments show otherwise as to why things are possibly looking up.
During our latest Commercial Real Estate Summit, Rick Mattoon, senior Economist from the Federal Reserve bank of Chicago, touched on both sides of the argument of whether or not our economy is heading in the right direction. Some of the themes Rick touched on were pockets of strengths and weaknesses, struggling to get faster growth, where aggregate demand will come from, and clashing world monetary policy.
Here is a look at a presentation Rick put together a presentation to show how our economy is in many ways close to normal.
From the statistics provided we can see that, as an overall nation, our economy is slowly getting better. Illinois on the other hand, will always be a little tougher when it comes to growing consistently with other states because of our slow growth rate.
For Illinois, it comes down to a more rules based approach. We must implement better fiscal rules such as all funds reporting, multi-year budgeting, identifying one-time revenues, adequate reserves.
Until next time, we'll leave you with this economist joke!
A mathematician, an accountant and an economist apply for the same job.
The interviewer calls in the mathematician and asks "What do two plus two equal?" The mathematician replies "Four." The interviewer asks "Four, exactly?" The mathematician looks at the interviewer incredulously and says "Yes, four, exactly."
Then the interviewer calls in the accountant and asks the same question "What do two plus two equal?" The accountant says "On average, four - give or take ten percent, but on average, four."
Then the interviewer calls in the economist and poses the same question "What do two plus two equal?" The economist gets up, locks the door, closes the shade, sits down next to the interviewer and says, "What do you want it to equal"?
Posted on Apr, 18
by Mark Czarny filed under