In commenting on the economic recession, OSU President (and economist) Ed Ray signaled a note of optimism. Fears of a depression-era crash are unwarranted, he said. Recent actions taken by the U.S. Treasury and the Federal Reserve Bank may have been clumsy, but they are on the right track, and stimulus packages under discussion in Salem and Washington can move the economy forward.
By their nature, OSU and other educational institutions stimulate the economy. Graduates become the backbone of existing companies and the wellsprings of business innovation. Faculty members continue to compete successfully for public and private research funds (more than $34 million in October alone at OSU) that generate new technologies and contribute directly to business activity.
As the stories in this quarterly report demonstrate, their work is addressing problems such as our reliance on fossil fuels, access to clean water and cultural awareness, which is critical in an increasingly diverse society. These and efforts in agriculture, health care, business and other fields underlie OSU's economic footprint in Oregon, estimated at $1.5 billion. These are the seeds of economic recovery.