Freund Tells Delegates Economy Is on 'Steady' Recovery Track

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Although cautioning that recovery from the current recession will not be seen for another year, economist William Freund expressed optimism about the nation's economic future to delegates at the Opening General Session of the Congress of Cities.

Freund, chief economist emeritus of the New York Stock Exchange and chairman, Department of Economics and International Business, Graduate School of Business, Pace University, offered his short- and long-term outlook, stressing the prospect for federal deficit increases in the upcoming Clinton administration and linkage between education and productivity.

While it is difficult to be specific during an interregnum, Freund said, "more signs are emerging...that our economy is embarking on a steady, if not yet ebullient recovery."

The early 1990's recession has been longer and deeper than predicted by economists, he said, because it had differed …