Intervening event would make it just really challenging to distinguish the tax act from the trade barriers, the pandemic, and then the high inflation and thats the challenge. Thanks so much, phil. Thanks, alan, for coming today and well take a 10 minute break and then resume at 10 00. I just want to thank you. [applause] the moderator of the session. Thank you so much for doing that. Thank you so much for having me. Welcome everyone. We desert all the result we should be worried about the deficit, climb above two and a 50 and how basically a massive problem. Talk to a lot of people should come speaking with steve eisen his famous from the big short last week and is said the deficit is been a concern for 30 years, it is never matter. If you want to bet you will be wrong. Heres the market perspective why it matters and why people care. I love the panel, i love these guests, torsten, you do put our charts and want to start with you mapping out from the market view why the deficit matters
You talked to a lot of people on the street and they said, the deficit has been a concern for 30 years and its never matter. If you bet on this, you will be wrong. Heres a perspective of why it matters and why people care. Love these people. You mapping out from the market view why the deficit matters in terms of dollars and sense that had to be paid out in the near term. I think as we just talk about and as we shall come when something continues to grow than we do probably need to Pay Attention to it at some point when the debt could become an issue. I think there are three double ways of tackling this on market perspective that we should really get whats going on with treasury auctions. Whats going on with how much of that is maturing which is what this chart is showing, specifically if you can see in the chart, i i know three lin, topline is market interestbearing public maturing and when your list. Let scale about 9 trillion, that rolling over. If you add to that the deficit which
New york city who is helping us to h great and educated guide fr teachers speeded you canan finih watching this if you go to our website at cspan. Org. We will live there to take your life to a conference on federal spending and debt. Current debt, which is around 100 of gdp is at a level we havent seen since world war ii and is a growing cause of concern. Tackling this problem presents a variety of challenges. Today were fortunate to have a group of very smart and accomplished people who are going to share their insights. Well get to hear a variety of perspectives. To do this, we have a mix of panels, discussions and speakers. Well hear about the economic and fiscal challenges caused by the debt. The impact of debt on invests and consumers, the roles played by Social Security. Approaches for analysting fiscal policies and finally a discussion of potential policy options. And a number of dimensions of the debt challenge. For our first panel we have two distinguished speakers, arguably
Peter and for your insights. And thank you all for attending. And please join us for many more events today. Iall right. Good afternoon and my name, susan poser. Im the president of hofstra university, and i welcome you once again to hofstra and this very interesting president ial conference this plenary executive policymaking in the Obama Administration will focus on evaluating the nature and success the obama team and its policy ideas from different perspectives from a former cabinet member, from journalists as. We continue our assessment of the presidency of barack obama. I will provide very introductions of our panelists who are joining us this conversation today. They dont really begin to scratch the surface of their bios, as you might imagine. The honorable jacob lue, who served as a 76th secretary of the treasury, as white house chief of staff as the director of the office of managed mint and budget, actually a position that he had previously held in the second term of the Clint
Architecture we have in asia that be the optimistic view. Well, thank you and thanks for bringing that really full circle there, because i think it helps us to cover tons of issues. There are so more things we could talk about. We could do three more of these panels and still not them. But thank so much, elizabeth, peter and for your insights. And thank you all for attending. And please join us for many more events today. Iall right. Good afternoon and my name, susan poser. Im the president of hofstra university, and i welcome you once again to hofstra and this very interesting president ial conference this plenary executive policymaking in the Obama Administration will focus on evaluating the nature and success the obama team and its policy ideas from different perspectives from a former cabinet member, from journalists as. We continue our assessment of the presidency of barack obama. I will provide very introductions of our panelists who are joining us this conversation today. They d