How big can the national debt go? Trillions in spending to respond to the COVID-19 economic and health crisis have revived old debates about deficit spending, investment and economic dynamism. With 2020 and 2021 federal deficits the largest since 1945 as a percentage of GDP, and inflation on the rise, policymakers face increasingly difficult choices related to the federal debt and the solvency of government programs. What is the proper balance between monetary and fiscal policies for making these choices? Do policymakers currently have the tools needed, or do more heterodox approaches like Modern Monetary Policy suggest a fundamental rethink is at hand? How much, if any, importance should be placed on the exorbitant privilege of the American dollar? Join us for this conversation on the role of fiscal and monetary policy in helping achieve post-COVID economic recovery and financial security for all Americans.
Author, "Very Serious" Newsletter; Host, "Very Serious" Podcast
Aetna Professor of the Practice of Economic Policy, Harvard Kennedy School; former Chairman, White House Council of Economic Advisers
President, American Action Forum
Professor of Economics and Public Policy, Stony Brook University
Director, Congressional Budget Office