The United States is currently experiencing “the worst economic episode since the Great Depression,” according to Joe Minarik, senior vice president of the Committee for Economic Development. In this audio lecture, Minarik talks about the macroeconomic perspective on the U.S. budget deficit and its impact on the US economy. He outlines how the budget situation has deteriorated to its current point, how attempts to stimulate the economy have increased our debt, and what it will take to change the situation. The event, “Demystifying DC: Is America Ungovernable?” was organized by the Public Management Initiative (PMI) at the Stanford Graduate School of Business. Sponsored by the Center for Social Innovation’s Public Management Program, PMI students select one topic to explore in detail throughout the academic year and engage the school community in discussion and debate.
Joseph Minarik leads the Committee for Economic Development's policy research projects on issues including economy and the federal budget, globalization, trade, early childhood education, campaign finance reform, and health care. From 1981 to 1986, he worked to reform the federal income tax. In 1991-92, he served as executive director for policy and chief economist of the budget committee of the House of Representatives under Chairman Leon E. Panetta. Minarek became the Office of Management and Budget's associate director for economic policy in 1993. He worked with then-White House Chief of Staff Panetta and new OMB Director Alice M. Rivlin in 1995-96 to formulate the administration’s program to eliminate the budget deficit, which evolved into the bipartisan Balanced Budget Act of 1997. From 2001-05, he served as policy director and chief economist for the House Budget Committee. He joined CED in 2005. Minarik holds three graduate degrees in economics from Yale University, including a PhD, and a BA in economics from Georgetown University.
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