Lessons from History for America Today
America’s economic strength and global influence remain unmatched, but there are fiscal, economic and political challenges that threaten our future. In these five essays, respected policy experts examine America’s present challenges through an historical lens to offer comparisons, valuable insights and lessons learned for navigating our nation onto a stronger, more prosperous path.
The Fiscal and Economic Experts
Barry Eichengreen
George C. Pardee & Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science, University of California, Berkeley
Deficits and Debt in the Lens of History
Harold James
Claude and Lore Kelly Professor in European Studies, Princeton University
Trussing the Big Beautiful U.S. Dollar
Heather Long
Chief Economist, Navy Federal Credit Union
Welcome to the New Era of U.S. Debt, Where the Bond Market is King
Layna Mosley
Professor of Politics and International Affairs, Princeton University
Exorbitant Politics? The Future of U.S. Debt and Fiscal Policy
Richard Haass
President Emeritus, Council on Foreign Relations and Senior Counselor, Centerview Partners
Carolyn Kissane
Clinical Professor and Associate Dean, New York University’s Center for Global Affairs
The Debt Crisis and American National Security
Questions Posed to the Experts
- When looking at the current economic and fiscal policy landscape for the United States, what historical examples provide helpful guidance?
- Which serve as cautionary tales?
- How concerned are you about America’s future?
- What are the economic, fiscal and leadership guideposts for the U.S. situation that you are watching to indicate our nation’s condition?
- What are the current and future indicators that are most important for our leaders to pay attention to?
- Are there red lines of policy or performance that we should not cross?
- Which risks are too easily dismissed in today’s conversation?
- How does America’s growing national debt threaten our future economic prosperity and global leadership?
- How and when should our leaders address our fiscal outlook?
- How does our unsustainable path affect Americans, and what role can citizen engagement and public sentiment play in encouraging solutions?
A note from Michael Peterson
Chairman and CEO of the Peterson Foundation
America currently faces a complex set of challenges to its economic strength and global leadership.
Our national debt is $38 trillion and rising unsustainably. Federal budget deficits are projected to grow steadily in the years ahead, driven by predictable demographics and structural imbalances between spending and revenue. Despite well-known, available policy solutions, political gridlock has prevented progress on this basic aspect of governance.
Our deteriorating fiscal condition makes us more beholden to lenders, and has the potential to erode the dollar’s status as the world’s reserve currency. While America still remains the most influential country in the world, these fiscal realities, if left untreated, will eventually weaken this foundation.
The Peterson Foundation has convened a distinguished group of experts to assess this American moment by placing today’s fiscal, economic and political challenges into historical context and identifying critical lessons learned for our leaders to apply.
Drawing from the past while assessing current dynamics, these five essays provide valuable insights, perspectives and forward-looking guidance to help chart a sustainable future path for our nation.