America's Fiscal and Economic Outlook: Where Do We Go From Here? | Peter G. Peterson Foundation
Body
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
Diane Swonk
Chief Economist
Grant Thornton
Through the Looking Glass: The Reverse World of the Pandemic Economy
Dana M. Peterson and Lori Esposito Murray
Dana M. Peterson
Chief Economist & Center Leader of Economy, Strategy & Finance
The Conference Board
Lori Esposito Murray
President, Committee for Economic Development
The Conference Board
Debt Matters
Jason J. Fichtner and Shai Akabas
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
With our economy in recovery, our debt rising unsustainably, and our nation still grappling with a devastating pandemic, America faces many critical questions for its future. Where do we go from here?
To help illuminate and improve the understanding of this important moment, the Peterson Foundation has convened twelve leading experts to share their views on the answer to this fundamental question. These outstanding authors bring a range of diverse viewpoints and deep experience, providing creative and thoughtful solutions to help guide citizens and policymakers through this uniquely challenging time.
The pandemic not only accelerated our existing fiscal challenges significantly, it exposed longstanding inequities in our society. A secure fiscal foundation is a necessary part of addressing this core challenge of capitalism, yet our budget remains on a dangerously unsustainable path. Further, America will face a range of evolving known and unknown future threats that will challenge coming generations — we should not also burden them with paying for the problems of the past.
In the wake of the COVID crisis, we have an important responsibility to examine, with clear eyes, our fiscal and economic condition and what steps we need to take to ensure broad based prosperity for the future. These respected experts outline a range of recommendations for making America more prepared and better positioned for growth, with the resources we need to confront the challenges of tomorrow. In doing so, they light a path to building the inclusive and moral economy that the next generation deserves.
