Last week, the Roosevelt Institute teamed up with Guild Hall to present the third installment of the Hamptons Institute, a symposium that brings political, economic, and cultural thought leaders together to let the intellectual sparks fly. VVH's Byron Wien hosted a panel featuring Jared Bernstein, CBPP Senior Fellow and former White House economist, and Zachary Karabell, President of River Twice, who took on three of America's biggest economic challenges: our protracted unemployment crisis, growing debt, and complex relationship with China.
Bernstein argues that the American economy is haunted by under-priced risk, bad fiscal policy, and China's mercantilist strategy of currency manipulation, all of which has led to an over-leveraged public and private sector. "When job growth is weak, and the benefits of growth are poorly distributed, it's very difficult for most families to get ahead." Karabell contends that "we don't have a debt crisis. We're having a crisis over debt." He also believes that current unemployment levels are more structural than cyclical, and that China's role in driving the global economy, despite disrupting the old order, "has been a source of stability and vibrancy, including for the domestic American economy." Watch the full debate in the video above.
For more on the Hamptons Institute, check out ND2.0 Editor Lynn Parramore's report on the summer's finest festival of ideas.