The fourth Wisconsin Economic Summit held this week in Milwaukee is addressing economic concerns in the state, including the effects that the University of Wisconsin and its students have on the state economy.
Monday’s events included 20 workshops on a variety of issues ranging from economic development in northeast Wisconsin to technological growth and expansion across the state.
Additional workshops will explain the correlation between the educational institutions and the industrial sector and the relevancy of the liberal arts in the early 21st century.
The summit will also host a bioscience news conference in which Wisconsin Association of Biomedical Research and Education will release its report on the state of bioscience in Wisconsin.
Erik Christianson, director of communications for UW System, said the summit’s primary concern is the Wisconsin economy and its effect on health care.
“There is a report workgroup that has been working on the rising costs of health care which is a concern to every part of society,” Christianson said. “This is an opportunity for a non-partisan group to reveal their findings and offer solutions to deal with the health care and economic issues.”
UW junior and business owner Beau Smithback said there are other aspects of state health care that should be addressed.
“I would like to see the summit leaders address the ridiculously high malpractice suits, because that is reason that health care costs have gone up,” Smithback said. “If we trim down the cost, from malpractice to pharmaceuticals, it will help facilitate lower health costs.”
According to Christianson, the economic climate directly affects the health-care system in Wisconsin, and in turn the Wisconsin economy is highly affected by the UW System and its students.
“The UW system contributes 10 billion dollars a year to the state, nearly 5.5 percent of the state’s GSP … It educates 161,000 students, who consume products, pay tuition, eat at restaurants and attend cultural and sporting events,” Christianson said.
Visitors to UW events, including sporting events, generate an additional $726 million to the state. The UW system also employs over 150,000 workers who spend over a billion dollars per year. The UW system and its employees generate over $408 million in state income and sales taxes. This is more than one-third of the system’s allotted budget.
Christianson said students also play a very important role in the economic system of Wisconsin.
“Students have a major effect on the economic climate of Wisconsin and spend nearly $1.3 billion each year over tuition and room-board,” Christianson said, adding that these impacts are instrumental in helping Wisconsin grow and directly affect the health-care systems.
UW junior and business student Rob Krecak said he is optimistic about Wisconsin’s job market.
“I think the economy is on an upswing, and in the next few years, the economy will be strong, and there will be more jobs when we graduate,” Krecak said. “I plan to stay in Wisconsin because it’s a good state to live in, has a perfect combination of rural and urban scenes and although our taxes are high, we make very good use of them.”
Interested students are welcome to attend the summit and participate in the variety of workshops.
“This is a must-attend event for students,” Christianson said. “Many of the issues discussed are of particular interest to students, and they are encouraged to attend.”
Tuesday will feature different keynote speakers, including Gov. Jim Doyle, who is expected to present his “Grow Wisconsin” plan, which is meant to create jobs and boost the economy. The plan would reduce regulatory requirements on businesses, raise the minimum wage and attempt to create higher-paying jobs.
Cisco System Corporate Executive Officer John Morgridge will discuss business in the new economy.
