In his presentation last night Deputy Superintendent Paul Reed said that the economic expansion is “showing signs of wear” which could impact the district’s already fragile economic situation. As proof, Reed mentioned recent drops in the stock market.
This was a surprising connection because the stock market dropped after receiving some outstanding and encouraging economic news: “The U.S. economy added nearly 300,000 jobs in the month of February, exceeding expectations as unemployment ticked down to its lowest reading since May 2008.” (U.S. News 3/6/15)
The hand-wringers on Wall St. sent the market down because they see the Fed raising interest rates, possibly as early as June, not because the economy is tanking.
Anecdotally, I have not been this busy in several years and my clients are reporting robust business, too.
But no one on the board challenged Reed, either because they were scared, they did not want to embarrass him, or they agreed with him.
All these options do not bode well for the judgment of the people who are in charge of spending hundreds of millions of dollars in taxpayer dollars.