BPC and Yahoo Finance partnered to produce a four-part series of conversations focused on critical economic policy issues at stake in the 2020 election, featuring expert perspectives from both the right and left.
With the COVID-19 pandemic leaving the finances of many households in a rather perilous state, this series took an in-depth look at topics that are on many American’s minds, including unemployment insurance and economic stimulus, tax policy, student loan debt, and retirement security.
With the public health and economic outlook highly uncertain, an increasing number of small businesses are at risk of shutting down for good and job losses that were once believed to be temporary are becoming permanent. Yet efforts have stalled on Capitol Hill to provide additional relief to struggling families and businesses, damaging the economic recovery. Featuring BPC President Jason Grumet, Yahoo Finance’s Kristin Myers, Wildfire Executive Director Cynthia Swick, University of Michigan economist Betsey Stevenson, and National Taxpayers Union Senior Fellow Mattie Duppler, this conversation focuses on the disagreements at the heart of the debate, including unemployment insurance, child care, and support for small businesses.
As families and businesses continue to struggle, the American economy is at an inflection point. BPC believes it is crucial in this moment for policymakers to come together around further fiscal support. Accordingly, we have put forward various approaches on unemployment insurance, paid leave, and childcare that could meet both parties’ goals, forming the core of an additional relief package, and help support a needed economic recovery.
The shape and scope of the tax code will be a contested component of U.S. economic policy over the next four years. What should Americans expect from tax policy in the next Congress and administration, depending on the outcome of the election? Is there any opportunity for bipartisanship going forward? In this segment, BPC’s Ben Gitis welcomes Yahoo Finance’s Rick Newman, American Action Forum President and former Congressional Budget Office Director Doug Holtz-Eakin, and Harvard economist and former Council of Economic Advisers Chair Jason Furman to discuss the two parties’ tax policy priorities.
At BPC, we are focusing on key tax policy areas with the potential for durable progress, like the working family tax credits. Over the coming months, we will be putting forward policies that pave the way for bipartisan action. We’ll also discuss these tax credits and other important issues at BPC’s virtual Solutions Summit in December.
The economic fallout from COVID-19 has amplified the financial burden of student debt, which is the second highest consumer debt category—behind only mortgages—with 43 million borrowers collectively owing more than $1.5 trillion. While interest and payments on federal student loans have been suspended since the start of the crisis, the pause has renewed debate about how best to support student borrowers going forward. To dig into these issues, BPC’s Mariette Aborn welcomed Yahoo Finance’s Alexis Christoforous, the Education Trust’s Tiffany Jones, and former Dallas Mayor and Kaplan CEO Tom Leppert. This conversation focused on student loan debt and how to support borrowers.
BPC has been prioritizing reforms that make post-secondary education more accessible and reduce the financial strain of earning a degree. Earlier this year, BPC’s Task Force on Higher Education Financing and Student Outcomes detailed a range of policy recommendations aimed at improving the federal loan system, including a reform that would automatically enroll all borrowers into an income-driven repayment plan to reduce default rates and promote affordable monthly payments.
The COVID-19 pandemic and its economic fallout have put kitchen table issues—like savings and retirement—front and center for households across the country. Too many Americans have heightened anxiety about their financial future. Next year, with lingering economic pain, there is no doubt that leaders on both sides of the aisle will need to look at short- and long-term financial security solutions. Featuring Funding our Future’s Kara Watkins, Yahoo Finance’s Adam Shapiro, American Enterprise Institute’s Andrew Biggs, and Boston College’s Alicia Munnell, this discussion focused on what Americans should expect in the next administration regarding retirement and household financial security.
In 2016, a BPC commission released a report focused on retirement security and personal savings, outlining a comprehensive package of bipartisan solutions to address key challenges. Some of these proposals were incorporated in recent legislation, but plenty of work—including on Social Security—remains.
The nation’s economic recovery and the ability of Congress and the administration to govern a divided nation will hinge on the capacity to achieve meaningful bipartisan successes in the first six months of 2021. From December 7-11, BPC will host a multi-day virtual summit focused on many of the issues featured in this series. The Solutions Summit to Restore Economic Security for Working Families will bring together top business leaders, scholars, and politicians to address core challenges facing the U.S. economy and household financial well-being. In particular, the week-long summit will feature sessions on 1) Children and Families; 2) Supporting Workers and Skill Development; and 3) Financial Resilience and Wealth Creation, with a closing session on racial inequity.
BPC is also developing durable policy solutions and the broad coalitions necessary to advance a more just, secure, and prosperous future for all Americans. During the summit, BPC will roll out an achievable Working Families’ Agenda focused on rebuilding the U.S. economy, enhancing economic prosperity and mobility, and strengthening financial security for struggling households.