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The Economic Outlook

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  • Jeffrey M. Lacker

Abstract

Thank you for inviting me to speak with you today and discuss the economic outlook. The Commonwealth of Virginia, like many other state governments across our country, faces a very challenging fiscal environment as a result of the contraction in economic activity over the last two years. You have heard the news, no doubt, that most economists have declared that the recession is over. What that means, however, is that the contraction has come to an end, not that all of our economic challenges are behind us. Indeed, this portion of the business cycle often poses the most acute fiscal problems at the state and local level due to the typical lag in incomes. Having said that, I do agree that the national economy has hit bottom and that a recovery is solidly underway, and my remarks today will be focused on the outlook for that recovery. To put the current outlook in context, I'd like to start by briefly reviewing the recent recession and how we got here. Before I begin, however, I should note that these are my own views and should not be attributed to any other person in the Federal Reserve System.

Suggested Citation

  • Jeffrey M. Lacker, 2009. "The Economic Outlook," Speech 101637, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:r00034:101637
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    File URL: https://www.richmondfed.org/press_room/speeches/jeffrey_m_lacker/2009/lacker_speech_20091117
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