The Price of Prosperity
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The Price of Prosperity
12 February @ 1:00 pm - 2:00 pm
As President Donald Trump confounds Washington DC and promises to reshape policy from taxation to healthcare to foreign affairs, governments and companies must grapple with crucial questions: Can the President’s tax cuts keep the economy strong, despite worldwide worries over Brexit and trade disputes? Will the Federal Reserve keep its independence? Will the U.S. build up bigger and bigger debts without tackling entitlements? What’s at stake for the economy, the financial markets and geopolitics, amid foreign policy crises in Syria, Ukraine, Venezuela, and China?
The Henry Jackson Society is pleased to invite you to join Todd Buchholz in an exciting discussion about the economy, the financial markets, the dramatic impact of the 2016 presidential election and the contentious 2020 election ahead.
Todd Buchholz is a former White House Director of Economic Policy, Managing Director of the legendary Tiger hedge fund, and an award-winning teacher at Harvard. Todd Buchholz has delivered keynotes at the White House, Treasury Department, UK Parliament and stock exchanges from Mexico City to Tokyo to Abu Dhabi. His book The Price of Prosperity is ranked #1 on Amazon for government and received rave reviews from advisors to Donald Trump as well as from Hillary Clinton. He is the author of New Ideas from Dead CEOs and New Ideas from Dead Economists, amongst others. He has written for The New York Times, The Wall Street Journal, Forbes, Time, Reader’s Digest, and The Washington Post, and he is a regular commentator on CNN, ABC News, Fox News, PBS, CNBC, The Daily Show and NPR radio. Todd has also served as a Fellow at St. John’s College, Cambridge.
On 12th February 2019, the Henry Jackson Society were delighted to welcome Todd Buchholz author of The Price of Prosperity and former Director of Economic Policy at the White House.
Todd’s talk focused around world markets and Donald Trump whilst linking it back to his book The Price of Prosperity. He began discussing the matter that anything can happen such as in the scenarios of Trump’s election and the surprise Brexit vote. It has become common for voters to lie to pollsters about what they voted for if it is not the popular opinion of mass media, hence the shock outcomes of these elections and referendums.
He moved on to question why rich nations fail and why we are in this ‘Age of Anxiety’ when in fact our income can buy us a lot more now than what it did 60 years ago. As an example, in 1959 it took 80 hours of labour to buy a fridge, comparative to just 20 hours now. Likewise, with lower interest rates, the current economic situation means more people than ever are investing in stocks.
The ‘War on Poverty’ has been won in Asia, with fewer people on extortionately low rates of income, but it leaves the Western world worrying about how to pay their own bills. Meanwhile the Free Trade backlash in America is targeting Canada’s violation of trade rules whereas it used to attack China’s. In Obama’s Presidency, he put a 30% tariff on China’s rubber tyres to which they retaliated and put a 100% tariff on US chickens which negatively impacted farmers across America.
Finally, Todd spoke of the impact of Trump’s presidency. He acknowledged Game Theory, a term used for winning negotiations which can be broken down in three steps: ask for the world; go nuts; round up allies. We are yet to know whether Trump could really damage the global economy and lead us into the next Great Depression, or whether Trump will be renowned as an extremely clever man.
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