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FeaturedThe World Trade Organization needs an updated toolbox in the face of rising industrial policies across the globe.
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Economics
Budget, Debt, and Deficits
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The Future of Dollar HegemonyThe United States has benefited from the dollar’s dominance of global markets for decades. Washington should be wary of squandering those benefits through political infighting and reckless policymaking.
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Kenya’s Governance DilemmaWith no clear end in sight for Kenya’s cost of living crisis, the Ruto administration will struggle to promote calm while managing expectations.
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Two Takes on U.S. Debt and the Debt CeilingEconomists Benn Steil and Glenn Hubbard give their respective takes on the debt ceiling and the United States' national debt.
Experts in this Topic
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What Happens When the U.S. Hits Its Debt Ceiling?U.S. lawmakers have increasingly used the debt ceiling to re-litigate congressional spending, risking default and sparking debate over whether to abolish the ceiling.
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The U.S. Has Every Reason It Needs to Drop the Debt Ceiling—Both at Home and AbroadFor other countries that scramble to find resources to repay their debts, it is inconceivable that the United States, which borrows in its own currency at low rates from investors around the world—voluntarily chooses not to pay.
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Robert B. Menschel Economics Symposium: Economic Decision-Making During Times of UncertaintyInflation, the possibility of a recession, concerns in the banking industry, and implications of geopolitical conflicts, among other factors, contribute to a growing sense of economic insecurity. The 2023 Robert B. Menschel Economics Symposium discusses economic decision-making and how individuals, corporations, and governments weigh risks during times of economic instability. A full symposium agenda is available here. KEYNOTE SPEAKER Robert E. Rubin, Author, The Yellow Pad: Making Better Decisions in an Uncertain World; Chairman Emeritus, Council on Foreign Relations; Former U.S. Treasury Secretary (1995–99) The Robert B. Menschel Economics Symposium, presented by the Maurice R. Greenberg Center for Geoeconomic Studies, generates critical thinking about the consequences of herd mentality behavior in global economics. This symposium was established in 2014 and was made possible through a generous endowment gift from Robert B. Menschel while a senior director at Goldman Sachs. Since Menschel’s death in 2022, the symposium continues in his honor and memory.
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Out of the Debt Ceiling Fire, But Still in the Frying PanNow that Congress voted to pass a bill based on the Biden-McCarthy compromise, an immediate debt ceiling crisis appears to have been averted. Still, a much larger debt problem awaits.
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Turkey’s Runoff Election, Debt Ceiling Dangers, Nigeria’s Tinubu Inaugurated as President, and MorePresident Recep Tayyip Erdoğan and his opponent Kemal Kılıçdaroğlu face off in Turkey’s runoff election; U.S. government leaders contend with a looming deadline to avoid a disastrous default; president-elect Bola Tinubu is sworn in as Nigeria contends with an economic crisis; Evan Gershkovich’s pre-trial detention is extended; and Sudan struggles to find a lasting solution to the conflict between the military and a paramilitary group, exacerbating its humanitarian crisis.
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Navigating U.S. Economic UncertaintyBrad W. Setser, CFR’s Whitney Shepardson senior fellow, leads a conversation on the likelihood of an economic recession, the current debt ceiling debate, and recent instability in the U.S. banking se…
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South Korea-Japan Summit, U.S. Border Policy Changes, U.S. Annual Threat Assessment, and MoreJapanese Prime Minister Kishida Fumio meets with South Korean President Yoon Suk-yeol in Seoul, South Korea; major pandemic-related U.S. immigration policies such as Title 42 end, straining an already overwhelmed southern border; the director of national intelligence and the director of the Defense Intelligence Agency brief a Senate panel on the top international threats to U.S. national security; and the U.S. Congress debates a plan to prevent default.
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Renewing America Series: The Debt Ceiling Fight and the Future U.S. Debt PictureAs the battle over raising the U.S. debt ceiling continues to take shape, former Treasury Secretary Jack Lew and former Senator Rob Portman discuss the politics surrounding the coming fight, the possible consequences of a default, and the implications of mounting debt for the United States going forward.
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As the Debt Ceiling Crisis Looms, Allies and Adversaries Are WatchingA U.S. default would send a shock through the global economy and risk the credibility of the U.S. dollar. It would also alarm U.S. allies while presenting a gift to its adversaries.
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Prospects and Consequences of China’s Economic SlowdownPanelists discuss the cost of China’s zero-COVID policy, the country’s dwindling economic growth, and the consequences of China’s economic slowdown at home and on its international economic relations.
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What Is the U.S. Federal Reserve?Over the past decade, the Fed kept interest rates low while it deployed trillions of dollars in stimulus and expanded its regulatory oversight. Now, the central bank is back in the spotlight for its battle against inflation.