Update from Frank T. Brogan, Chancellor
September 8, 2010
The good news? We are in an official four-day work week after the state holiday.
The bad news? Many of our fellow Floridians want to work and can’t find a job.
As we monitor this ongoing economic stalemate closely, and find ways to address it from an academic perspective, reports abound that send the clear signal that we need to brace for more of the same. One important metric to monitor is Florida’s “underemployment” rate, which tracks those who are not working enough hours or who have given up looking for work. That segment alone has more than doubled in recent years. It’s a stark reality that belies our continual focus on just unemployment.
Meanwhile, I’m intrigued by the “Aftershock.” That’s the name of a new book regarding the potential double-dip recession – but [the book’s authors] outline something far worse. After we’ve seen “the popping of the housing bubble, the collapse of private debt bubble, the fall of the stock market bubble, the decline of consumer spending, and the widespread pain” on the economy, the impending “aftershock” includes the “Dollar Bubble and the Government Debt Bubble,” say the authors. After some discussion, the authors point to the resulting necessities of health care, education, and government services (emphasis mine) as the way to recover stronger and faster, although it will take time regardless.
It doesn’t take an economist to know that we, as a System, must gird ourselves with all the reasoned data and strategic planning possible in preparation for the next fiscal cycle and beyond. That approach is already under way with several projects that have exceptionally strong leadership support from the Board of Governors – including the System-wide academic inventory that the Council of Academic Vice Presidents is working on. In fact, Governor Duncan and I had a good meeting last week with the Provosts to discuss opportunities to streamline academic delivery across the System.
I am sure you will agree, these issues are broad and complex. We are gratified that many leaders in the Legislature are beginning to recognize the transformative power of our universities, and both candidates for Governor see the intrinsic link between the economy, jobs and higher education and…even better, they are talking about it.