CED Spring Policy Conference
Willard InterContinental Hotel • Washington DC
3:00 – 4:00 p.m.
U.S. and Global Debt: Finding Stability in an Indebted World
A recent McKinsey Global Institute report shows that seven years after the financial crisis, total global debt (public and private) has continued to grow, rising by $57 trillion since 2007. The U.S. debt situation looks relatively positive compared with other countries, as there has been substantial debt reduction in the private sector, although offset by the continued rise in government debt. Most other countries have seen growth of both private-sector debt and public sector debt. A range of countries have reached new peaks in household debt, in Northern Europe, Canada, Australia, and Singapore. In China, total debt has quadrupled since 2007, driven by a soaring, debt-financed real estate market. And in global corporate finance, there has been a dramatic shift in sources of debt from the banking sector to non-bank intermediaries. Does all this point to the risk of another debt crisis? This panel will discuss today’s US and global debt landscape, the driving forces affecting both the public and private sectors, where the risks remain (and are emerging), and how to promote financial stability in an increasingly indebted world.
Sabrina Schaeffer • Executive Director, Independent Women’s Forum
Dr. Joe Kasputys • Co-Founder, IHS Economics & Country Risk, Inc.
Maya MacGuineas • President, Committee for a Responsible Federal Budget
Doug Holtz-Eakin • President, American Action Forum and former CBO Director
Susan Lund • Partner, McKinsey Global Institute