Economist and Dean of the Graduate School of Business at Columbia University, Glenn Hubbard opposed claims that the United States is at the verge of an economic recession when he spoke to an audience of Miami University students and faculty Wednesday.
Hubbard had several reassuring outlooks on the otherwise pronounced dismal state of economic affairs. According to Hubbard, the United States is not in the midst of a recession, although at times it may feel as though it is.
"We have had reading after reading way out of recession territory ... there are signs of a slowing economy but nothing that looks like a recession," Hubbard said.
In fact, according to Hubbard, the United States' economy may even see a growth of one or two percentage points in the near future.
"For an economist there can't be a more fun time than now," Hubbard said. "What's going on presents a great challenge, not only to students but to practicing economists as well."
Hubbard said that the economy's resilience has been amazing in the past few years, in particular with respect to the widely felt impact of rising energy prices.
Hubbard also had a positive view on outsourcing, saying that it has potential economic benefits on the domestic economy.
"Job creation abroad can have several positive effects on the job market here," Hubbard said. "It creates more opportunities and higher value opportunities in some ways."
However, he said that for some workers, outsourcing will continue to take jobs away.
Hubbard also spoke about the upcoming presidential election.
"I am concerned that if you campaign vigorously on something, what happens when you're in office?" Hubbard said. "One of the parties is saying that free trade is beneficial to everyone, 'So, what's the problem,' while the other is saying, 'We can go back to the way we were before,' but both are wrong."
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Although Hubbard criticized both sides, he did not offer a solution.
The speech was presented to an audience consisting mostly of faculty, but several students did make an appearance to see Hubbard.
Senior Nicholas Petruska said Hubbard's views were relieving after the news of a looming recession in America.
"I was surprised at how much emphasis was placed on motivation and relieved to hear we aren't going in to a recession," Petruska said. "I just bought some stock."
According to Molly Meiners, director of sales programs at Pearson Publishing, the company that brought Hubbard to Miami, Miami was chosen because of its large number of business faculty and students.
Hubbard is a former economic adviser to President Bush.
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