The Fiscal Debt Crisis: What’s at Stake for US Companies?
CED partnered with Darden's Net Impact Chapter and the Business and Public Policy Club to host a dinner event for business and policy students at the Abbott Center at the University of Virginia in Charlottesville, Virginia.
The dinner opened with student event organizer and Business and Public Policy Club representative Alberto Donoso offering welcoming remarks and providing a brief introduction to the program. Following his remarks, CED President Charles Kolb spoke about CED's Fiscal Health Initiative and its mission to connect with the next generation of business leaders about the importance of fiscal health. He called on the student audience to become business people that see themselves as "statesmen," and are engaged in the direction of U.S. economic and public policy. CED's Senior Vice President and Director of Research, Dr. Joseph Minarik, followed Kolb's remarks with a presentation that provided a macroeconomic perspective on the federal budget deficit. He illustrated the gravity of the fiscal situation and how important a commitment to a balanced budget is to national well-being.
Dr. Minarik was followed by program moderator David L. Newkirk, CEO-Executive Education at the University of Virginia's Darden Graduate School of Business, who stayed true to Darden tradition by presenting a case scenario on a business decision to outsource Pyrex production overseas, and discussed how that decision might be affected by a budget decifict challenges. Panel discussants including CED Trustees Robert H. Dugger, Managing Partner, Hanover Investment Group LLC, and William W. Lewis, Director Emeritus, McKinsey Global Institute, McKinsey & Company, Inc., provided their reactions to the case, their insights into what they would take into account while making a similar business decision and called on students to provide their thoughts on how they might handle today's economic landscape. The dinner closed with an extended question and answer period for students to fully engage with the visiting speakers.
L-r: David L. Newkirk, Robert H. Dugger, William W. Lewis and Joseph Minarik
Roughly 125 business and policy students attended the forum, and it was made possible by the generous support of the Peter G. Peterson Foundation.
Darden School of Business Graduate Student Alberto Donoso
opens up the program with welcoming remarks
Watch video of the Darden Program
- Charles Kolb provides opening remarks: [play video]
- Dr. Joseph Minarik provides a presentation on the budget deficit: [play part 1] [play part 2]
- David L. Newkirk presents the panel and reads a Darden scenario on Pyrex for the panelists to react to: [play video]
- Robert H. Dugger reacts to the scenario and discusses how companies handle fiscal crisis: [play video]
- Dr. Joseph Minarik reacts to the scenario and how the budget deficit might affect Pyrex's decision: [play video]
- William W. Lewis speaks about the need for macroeconomic stability: [play video]
- Robert H. Dugger discusses the how business leaders can help maintain economic stability: [play video]
- William Lewis discusses the need for business to act in the interest of the nation: [play video]
- Dr. Joseph Minarik discusses the role business leaders should play in national policy decisions: [play video]
- The panel reacts to student questions: [play part 1] [play part 2] [play part 3]