FMA panel on economic reform to come to CSUB
Information Courtesy of Neeraj Rama, President of Financial Management Association
For the last decade, our American Economy has, to say the least, been struggling.
Over the last 10 years, our society, from the federal level to average citizens, has slowly been burdening itself with debt. As America became more and more dependent upon a consumer driven economy, a pandemic was forming right before our eyes.
However, by the time we realized the severity of the problems we were facing, it was too late. That pandemic was not just a housing bubble, or an equity bubble. This bubble was something new, a bubble of perceptions. When we entered the 21st Century, little did we know what problems as a nation we would be faced with: the dot.com crisis, September 11th, the housing and mortgage crisis, a financial system crisis and lastly a global recession.
As we are on the brink of a new decade and dealing with these problems head on, we have also hit another turning point. This latest turning point of reforms in health care, energy policy and financial regulatory policy, will decide the fate of our society for the next 100 years.
There is no doubt that there is drastic need for these policies to be updated, adjusted and on some cases completely revamped . The pertinent question is: Can this country afford reform at its current juncture? Our fiscal debt is now an estimated $2 trillion and is forecasted by most government agencies to surpass $5 trillion in the next two years alone.
The need for reform directly clashes with one of the most dangerous threats to America: critically high national debt levels. As our national debt rises to dangerous levels, we have become vulnerable to defaulting on the interest payments required from our treasury by our nation’s debt holders.
Never in the history of America has this happened. If it does, the problems that faces us today will be nowhere near as severe and problematic as those of the future.
Please join us Tuesday, Nov. 10th, inside the Doré Theatre for a panel discussion, with experts from the fields of health care, finance and energy along with many community leaders from Kern County. The event will be a discussion of issues facing their respective industries and what impact they will have on the burden of America’s growing fiscal debt.