Charlottesville, VA (CVILLE RIGHT NOW) - Dr. Ed Burton, Chief Economic Analyst and Professor of Economics at the University of Virginia, joined Morning News to offer his insights on the current state of the economy, recent tariff policy shifts, and evolving employment trends. Despite earlier predictions of economic slowdown, Burton admitted, “This economy is a lot stronger than I predicted and the stock market is a lot stronger than I predicted as well.” He cautioned, however, that the president’s tariff policies remain “completely chaotic” and are unsettling business expectations, especially for major retailers like Best Buy and Target.
Burton also discussed the growing challenge recent college graduates face in the job market. “College graduates are facing one of the tougher job markets that they’ve seen in quite some time… the unemployment rate among that particular category is up… closer to 8%,” he said. He emphasized that skilled trade professions, like those supported by Piedmont Virginia Community College, are currently in high demand, and in many cases offer more stability than white-collar roles increasingly threatened by artificial intelligence.
On a local policy note, Burton responded to Albemarle County’s idea of reducing property tax rates through increased commercial revenue. While supportive of growth, he urged leaders to focus on cutting spending. “I would encourage supervisors… take a look at the spending and ways we can make the government spending more efficient,” Burton said, warning of the growing tax burden on average citizens. He ended by calling for bipartisan cooperation and fiscal responsibility, noting, “There should be some common ground to come up with a bill that makes some sense.”
Listen to the full conversation here:
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