2018 Fiscal Summit Video


AGENDA

All times in ET

8:45 am

Welcome and Opening Remarks

Michael A. Peterson, Chairman and Chief Executive Officer, Peter G. Peterson Foundation

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9:00 am

PROBLEM SOLVERS CAUCUS: IDENTIFYING AREAS OF COMMON GROUND

Representative Tom Reed (R-NY), Co-Chair, Problem Solvers Caucus; Member, U.S. House Committee on Ways and Means

Representative Derek Kilmer (D-WA) , Member, Problem Solvers Caucus; Vice Ranking Member, U.S. House Committee on Appropriations; Member, Joint Select Committee on Budget & Appropriations Process Reform; Vice Chair, New Democrat Coalition

Moderator: Kimberly Adams, Senior Reporter, Marketplace

In an era where politics dictate policy, the Problem Solvers Caucus is a unique, bipartisan group of leaders who seek areas of common ground. Rep. Tom Reed, a Republican, and Rep. Derek Kilmer, a Democrat, will appear together on stage to discuss the political challenges in reaching across the aisle, as well as the opportunity that exists for collaboration and compromise to make progress in critical policy areas. These policymakers will discuss whether a political center exists — or can be formed — to tackle our nation’s fiscal challenges.

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10:00 am

DANGERS OF DEBT: HOW OUR FISCAL OUTLOOK THREATENS THE ECONOMY

Simon Johnson, Ronald A. Kurtz (1954) Professor of Entrepreneurship, MIT Sloan School of Management

Deanna Mulligan, President and Chief Executive Officer, The Guardian Life Insurance Company of America

Steven Rattner, Chairman and Chief Executive Officer, Willet Advisors

Moderator: Greg Ip, Chief Economics Commentator, The Wall Street Journal

The United States now stands alone as the only advanced economy in the world with a debt-to-GDP ratio that is projected to grow over the next five years. Recent tax and spending legislation has made our debt outlook considerably worse. High and rising debt matters because it diminishes our economic future. As interest rates rise and we return to trillion-dollar deficits as early as next year, we will face increased budgetary pressures, reduced public and private investments, less flexibility to deal with future crises, and fewer economic opportunities for Americans. This panel will bring together voices from the private sector and academia to analyze the threats posed by America’s rapidly rising national debt and discuss fiscal solutions to put us on a better path.

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10:40 am

CONGRESSIONAL LEADERS: DEBT MATTERS TO AMERICA’S ECONOMIC FUTURE, SESSION 1

Senator Jeff Flake (R-AZ), Member, Committee on the Judiciary; Member, Committee on Energy and Natural Resources; Member, Committee on Foreign Relations

Interviewer: Erica Werner, Congressional Reporter, The Washington Post

In these one-on-one interviews, House and Senate leaders will provide perspectives on our nation’s fiscal outlook and policies to ensure sustained economic growth. Recent legislation — combined with existing structural deficits and a demographic tidal wave in the years ahead — poses considerable policy challenges to lawmakers to put our fiscal house in order and set us on a more sustainable path. Leading lawmakers from both sides of the aisle will assess challenges and opportunities in building a better economic and fiscal future.

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11:00 am

US 2050: WHAT WILL AMERICA LOOK LIKE AT MID CENTURY?

Heather Boushey, Executive Director and Chief Economist at the Washington Center for Equitable Growth

Robert Doar, Morgridge Fellow in Poverty Studies, American Enterprise Institute

Mark Hugo Lopez, Director of Global Migration and Demography, Pew Research Center

David Wessel, Director, Hutchins Center on Fiscal and Monetary Policy, Brookings Institution; Contributing Correspondent, The Wall Street Journal

US 2050 is an initiative of the Peterson Foundation and the Ford Foundation that examines the multiple demographic, socioeconomic, and fiscal trends that will shape our nation in the decades ahead. The project engages leading scholars to create a comprehensive view of our economic and fiscal future, illuminating the implications for the social and financial well-being of Americans. Members of US 2050’s Advisory Committee will join together for a discussion, led by David Wessel, on these interconnected trends and the importance of understanding where we’re headed in order to make better policy choices today.

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12:00 pm

CARBON TAX: POTENTIAL FOR A NEW FISCAL SOLUTION

Terry Dinan, Senior Advisor, Congressional Budget Office

Aparna Mathur, Resident Scholar in Economic Policy, American Enterprise Institute

Adele Morris, Senior Fellow and Policy Director of Climate and Energy Economics Project, Brookings Institution

Moderator: Jim Tankersley, Tax and Economics Reporter, The New York Times

Would a carbon tax improve our fiscal outlook? This panel brings together leading experts to explore the potential for a well-designed carbon tax to help put our nation on a more sustainable fiscal path. Key questions include how best to structure a carbon tax that is fair to Americans of all income levels as well as across sectors and industries, while boosting economic growth, discouraging the use of carbon-intense energy, and raising new revenue that can be used to address budget shortfalls.

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12:45 pm

UP TO US: ENGAGING THE NEXT GENERATION

Up to Us is a leading nationwide program that engages students on campuses across the country in a competition to raise awareness among their peers about the nation’s fiscal future and the economic opportunities the next generation will inherit. Michael Peterson will recognize this year’s winning team from SUNY Old Westbury.

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1:30 pm

CONGRESSIONAL LEADERS: DEBT MATTERS TO AMERICA’S ECONOMIC FUTURE, SESSION 2

House Democratic Leader Nancy Pelosi (D-CA)

Interviewer: Erica Werner, Congressional Reporter, The Washington Post

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2:00 pm

A CONVERSATION WITH FORMER SECRETARY OF ENERGY, DR. ERNEST MONIZ

Ernest J. Moniz, Co-Chair and Chief Executive Officer, Nuclear Threat Initiative; Chief Executive Office, Energy Futures Initiative; Former U.S. Secretary of Energy (2013-2017)

Interviewer: Michael A. Peterson, Chairman and Chief Executive Officer, Peter G. Peterson Foundation

There is a critical connection between America’s fiscal outlook, energy security and role in the world. Dr. Moniz, a nuclear physicist who served as the thirtieth United States Secretary of Energy, brings a unique understanding of these interrelated challenges and trends. The discussion will cover how domestic energy investment supports strength at home and abroad, future funding needs for America’s nuclear arsenal, as well as the impact of rising debt on America’s foreign policy.

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2:30 pm

CONGRESSIONAL LEADERS: DEBT MATTERS TO AMERICA’S ECONOMIC FUTURE, SESSION 3

Senator David Perdue (R-GA) Member, U.S. Senate Committee on the Budget, Joint Select Committee on Budget & Appropriations Process Reform

Interviewer: Erica Werner, Congressional Reporter, The Washington Post

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PARTICIPANTS

Senator Jeff Flake (R-AZ)

Member, Committee on the Judiciary; Member, Committee on Energy and Natural Resources

Senator David Perdue (R-GA)

Member, Committee on the Budget, Joint Select Committee on Budget & Appropriations Process Reform

Representative Nancy Pelosi (D-CA)

House Democratic Leader

Congressman Tom Reed (R-NY)

Co-chair, Problem Solvers Caucus

Representative Derek Kilmer (D-WA)
Member, Problem Solvers Caucus; Vice Chair, New Democrat Coalition

Ernest J. Moniz

Co-Chair and Chief Executive Officer, Nuclear Threat Initiative; Former U.S. Secretary of Energy (2013-2017)

Heather Boushey

Executive Director and Chief Economist,
Washington Center for Equitable Growth

Terry Dinan

Senior Advisor, Congressional Budget Office

Robert Doar

Morgridge Fellow in Poverty Studies,
American Enterprise Institute

Simon Johnson

Ronald A. Kurtz (1954) Professor of Entrepreneurship,
MIT Sloan School of Management

Mark Hugo Lopez

Director of Global Migration and Demography,
Pew Research Center

Aparna Mathur

Resident Scholar in Economic Policy,
American Enterprise Institute

Adele Morris

Policy Director of Climate and Energy Economics Project,
Brookings Institution

Deanna Mulligan

President and CEO, The Guardian Life Insurance Company

Steven Rattner

Chairman and CEO, Willett Advisors LLC

David Wessel

Director, Hutchins Center on Fiscal and Monetary Policy, Brookings Institution

Kimberly Adams

Senior Reporter,
Marketplace

Greg Ip

Chief Economics Commentator,
The Wall Street Journal

Jim Tankersley

Tax and Economics Reporter, The New York Times

Erica Werner

Congressional Reporter, The Washington Post


2018 Fiscal Summit: Debt Matters

As campaigns for the 2018 midterm elections get underway within a rapidly changing policy environment, the ninth-annual Fiscal Summit convened voices from across the political and ideological spectrum to examine the urgent need for a fiscal reset that puts America on a sustainable course for economic growth and prosperity.

As interest rates continue to rise and we return to trillion-dollar deficits as early as next year, we will face increased budgetary pressures. Absent a change in course, we will confront reduced public and private investments, less flexibility to deal with future crises, and diminishing economic opportunities for Americans.

Now, while the economy is strong, it is time to face the challenge anew, and reset our priorities to create the conditions for sustained economic growth and prosperity into the future. The 2018 Fiscal Summit reiterated the urgent need for a fiscal reset, and examined how we can refocus the nation on building a fiscally sustainable path for America.


2018 Fiscal Summit Materials

Why Debt Matters

Rising debt is a significant risk to our economy, affecting every American's future.

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Media Advisory

As interest rates continue to rise, trillion-dollar deficits return as early as next year, and the national debt is on course to eclipse the size of the economy, our nation will face increased budgetary pressures.

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Participant Biographies

Speakers and participants at the 2018 Fiscal Summit include Senator Jeff Flake, Senator David Perdue, House Democratic Leader Nancy Pelosi, Representative Tom Reed, Representative Derek Kilmer, and more.

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Agenda

A full schedule for the 2018 Fiscal Summit is available for review.

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2018 Press Release

“Debt matters because our fiscal irresponsibility threatens the economic future of every American,” said Michael Peterson, Chairman and CEO of the Peter G. Peterson Foundation.

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Charts

Now, while the economy is strong, it is time to face the challenge anew, and reset our priorities to create the conditions for sustained economic growth and prosperity into the future.

Read More

PAST SUMMITS

2017 Fiscal Summit

Rising Debt in a Changing Economy

The 2017 Fiscal Summit convened leading voices and policymakers from across the political spectrum to discuss the legislative agenda, its connection to our growing national debt, and solutions to put us on a better path.

2016 Fiscal Summit

Leadership for a Secure Future

The 2016 Fiscal Summit provided a national platform for essential election-year conversations.

2015 Fiscal Summit

Opportunity for America

With progress made, but serious work still to be done, the Peter G. Peterson Foundation held its sixth-annual Fiscal Summit, titled "Opportunity for America" on May 19, 2015 in Washington, D.C.

2014 Fiscal Summit

Our Economic Future

The 2014 Fiscal Summit explored what we, as a nation, have to gain if we act now to strengthen our fiscal foundation; promote a growing, thriving economy; and ensure that our future isn’t diminished by our past.

2013 Fiscal Summit

Facing the Future

Despite a challenging political environment, the opportunity remains for the U.S. to solve its long-term debt problem and position the nation for future economic success and a continued leadership in the world.

2012 Fiscal Summit

America's Case for Action

With a national election that fall, and critical fiscal deadlines at the end of the year, policymakers faced a prime opportunity to set America on a fiscally sustainable path.

2011 Fiscal Summit

Solutions for American's Future

By convening leaders from across the ideological spectrum to discuss concrete budget plans, the 2011 Summit was an important step in working toward bipartisan fiscal solutions that help preserve the American Dream for future generations.

2010 Fiscal Summit

America's Challenge and a Way Forward

The Fiscal Summit brought together hundreds of prominent stakeholders from across the political spectrum with diverse ideas on how to address critical fiscal issues, while continuing to meet the priorities of the American people.

Why Fiscal Issues Matter in the 2018 Election

This election season is a critical opportunity for candidates to talk to voters about solutions to put us on a better path.

FISCAL ISSUES ILLUSTRATED

This series of infographics helps put some of today's most pressing fiscal debates in context.