America’s Fiscal and Economic Outlook
Where Do We Go From Here?
We asked twelve leading experts with diverse views from across the political spectrum to share their perspectives on the opportunities, challenges, and way forward for America’s economic and fiscal future. Their insightful observations and proposed policy solutions are set forth below:
The Fiscal and Economic Experts
Wendy Edelberg
Director of the Hamilton Project, Brookings Institution
Smart Fiscal Policies for a Better Future
William Gale
Arjay and Frances Fearing Miller Chair in Federal Economic Policy, Brookings Institution
The Economic and Fiscal Road Ahead
Zhengyang Jiang
Assistant Professor of Finance, Kellogg School of Management, Northwestern University
A Valuation Approach to Government Balance Sheet
James Poterba
President and CEO, National Bureau of Economic Research
Long-Term Fiscal Balance and the Social Security Trust Fund
Brian Riedl
Senior Fellow, Manhattan Institute
Fix Social Security and Medicare to Protect Other Priorities
Sita Slavov
Professor of Public Policy, Schar School of Policy and Government, George Mason University
Policy Makers Should Act Now to Address the Long-Term Fiscal Imbalance
Marc Sumerlin
Managing Partner, Evenflow Macro
Fiscal Space for Future Generations
Diane Swonk
Chief Economist, Grant Thornton
Through the Looking Glass: The Reverse World of the Pandemic Economy
Dana M. Peterson
Chief Economist & Center Leader of Economy, Strategy & Finance, The Conference Board
Lori Esposito Murray
President, Committee for Economic Development of the Conference Board
Debt Matters
Jason J. Fichtner
Vice President and Chief Economist, Bipartisan Policy Center
Shai Akabas
Director of Economic Policy, Bipartisan Policy Center
A Path to Economic Prosperity
Questions for the Experts
We asked each expert to respond to the same set of three questions, encouraging them to focus on areas of expertise, and what they viewed as the most important parts of the policy discussion.
- How does America’s unsustainable, long-term fiscal outlook impact our economy, budget, risk exposure, and global leadership position?
- The pandemic has exposed a range of new and longstanding concerns about disparities in economic security and opportunity across the nation. Looking ahead, how does our long-term fiscal outlook threaten vulnerable populations, and how can fiscal policy help address this core challenge of capitalism?
- America faces a range of significant, ongoing challenges that will require resources, including climate change, health and retirement security, evolving global threats, and infrastructure needs here at home. What is the best way to build a sustainable fiscal outlook, while also enabling the U.S. to have the resources it needs to address its greatest challenges over the long run?
A note from Michael Peterson
Chairman and CEO of the Peterson Foundation
A year ago, we began this initiative to bring together a diverse range of expert voices from around the nation to help guide us through these challenging fiscal and economic times.
Last year’s project, America’s Fiscal and Economic Outlook: Where Do We Go from Here?, took place as our nation continued to grapple with the pandemic, outlining the connection between national preparedness, economic strength, and a sustainable fiscal outlook.
This year, we are once again navigating a range of rapidly evolving, complex and interconnected challenges. As we face the storm of inflation, there are many questions surrounding the optimal set of fiscal, monetary and economic policy to steer us through and give our economy the best chance for a soft landing amidst elevated interest rates and unsustainably high debt and deficits.
With diverse views from across the political spectrum and deep policy expertise, these authors provide valuable analysis and insight on timely topics including the impacts of and outlook for inflation and interest rates; concerns about an economic recession; the unsustainable national debt and growing interest costs; the interplay between fiscal and monetary policy; shortfalls in the social safety net; and the role that labor market productivity plays in our economy.
By sharing the thoughts and perspectives of this distinguished group of experts, we hope to foster conversations and inspire policy solutions that will help move our nation towards a more sustainable future.