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Classified in: Business, Covid-19 virus
Subjects: NPT, ECO

Report: Restoring America's Public and Fiscal Health Depend on Policymakers Achieving Bipartisan Solutions


NEW YORK, Jan. 19, 2022 /PRNewswire/ -- Almost two years after COVID-19's initial social and economic impact on the United States, the nation is recovering. But challenges?some from the pandemic itself, others revealed and exacerbated by it?remain. The Committee for Economic Development, the public policy center of The Conference Board (CED), has issued a new Solutions Brief, A 2022 Policy Agenda: Restore Fiscal and Public Health, developed with its business leader Trustees to help policymakers develop nonpartisan solutions to put the country back on a path to a robust, more resilient, sustainable economy providing opportunity and prosperity for all Americans.

As detailed in the report?the latest in a series of Solutions Briefs on Sustaining Capitalism?the pandemic's overall economic toll is slowly easing. However, as we look toward 2022 and the challenges ahead, several issues merit immediate bipartisan attention and action.

CED has outlined key priorities to achieve two main objectives: 1) defeat the pandemic and restore the nation's public health; and 2) revitalize the nation's fiscal health.

"Our nation's calling at this defining moment in our history is startlingly clear," said Dr. Lori Esposito Murray, President of CED. "We must demonstrate that we can work together to address serious challenges and achieve common goals at home and provide leadership abroad?in short, to deepen faith that democracy functions. Business leaders are essential partners in achieving these goals."

Key recommendations from the new Solutions Brief include:

In its new Solutions Brief, CED offers recommendations to achieve two main objectives: restoring the nation's public health by defeating the pandemic, and revitalizing the nation's economic and fiscal health:

#1: Defeat the Pandemic: Restore Public Health

#2: Revive the Nation's Fiscal Health

Federal budget: Debt matters. CED has urged caution on the omnibus budget bill which proponents and critics alike describe as transforming the role of government in the economy. Some of the major budget savings are speculative, and costs are significantly understated by claiming that key provisions will be temporary even though the clear intent is that they be permanent. The bill will aggravate the  already unsustainably rising public debt, weakening our nation's financial health and ability to respond to future crises. The resulting growing debt service cost will eventually crowd out productive private investment, essential public services, and investment in education, research, infrastructure, and other national imperatives. Furthermore, higher interest rates during a period of increasing inflation have the potential to exacerbate this crisis. CED recommends that policymakers:

Infrastructure: Streamline the regulatory process for more cost-effective use of federal funds. The recently approved infrastructure spending should spur economic growth, if the funds are disbursed wisely and cost-effectively. To this end, CED recommends that policymakers:

Technology and innovation. The pandemic accelerated innovation and digital transformation. To ensure that US policy capitalizes on the accelerated momentum to increase growth and enhance US competitiveness, CED recommends:

Economic globalization. Global supply chain backlogs have raised significant and widespread awareness of dependencies for critical supplies including PPE, prescription drugs, computer chips, and goods and food generally, and revealed vulnerabilities in critical manufacturing supply chains. To address the most significant aspects of these problems:

Workforce: Getting America back to work in our next-normal economy. The pandemic has made the need for re-skilling even greater than before. CED suggests the following actions:

Education: The key to equal opportunity. The long-term prerequisite of a productive workforce, an informed citizenry, and equal opportunity is education. CED offers the following priorities:

Climate and Energy. Global collaboration among countries, and between the public and private sectors, is essential.

Governance. A civil and just society should be cultivated by businesses and government to provide equal opportunity for all.

The new Solutions Brief, A 2022 Policy Agenda: Restore Fiscal and Public Health, can be accessed here.

About CED
The Committee for Economic Development (CED) is the nonprofit, nonpartisan, business-led public policy center of The Conference Board that delivers well-researched analysis and reasoned solutions in the nation's interest. CED Trustees are chief executive officers and key executives of leading US companies who bring their unique experience to address today's pressing policy issues. Collectively they represent 30+ industries, over a trillion dollars in revenue, and over 4 million employees. www.ced.org 

About The Conference Board
The Conference Board is the member-driven think tank that delivers trusted insights for what's ahead. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org

 

SOURCE Committee for Economic Development of The Conference Board (CED)


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