Keynote Address: What Is Happening in the American Economy?

David Wessel and Kurt Forsgren

Municipal Finance Journal, 2020, vol. 40, issue 4, 1 - 13

Abstract: How big a threat does the soaring federal debt pose to the economy? Is the rising federal debt causing angst to anyone either in Congress or in the bond market? How seriously is the Federal Reserve Board rethinking its 2% inflation target and the composition of its balance sheet, and to whom does it matter? With interest rates below historic norms and the federal debt large and rising, how will Washington respond to the next recession? Are we in for a prolonged trade war with China? Can a polarized Congress make any progress on addressing long-term problems of inadequate investment in public infrastructure and human capital, rising health care costs, climate change, or widening inequality? And what difference does all this make to state and local governments?

Date: 2020
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