Policy Foundation To Participate In March 26 Federal Reserve Forum On Deficits & Debt

The Federal Reserve Bank of St. Louis is sponsoring a Little Rock forum Thursday, March 26 on the topic, "Deficits, Debt and Looming Disaster". The event will take place at the Peabody Hotel from 5:30 p.m. to 7:30 p.m. Representatives of non-profit groups including AARP and the Policy Foundation will participate in the forum.

The Little Rock forum will feature Fed economist Mike Pakko. Dr. Pakko will give a presentation based on his recent article of the same title in the Regional Economist, a publication of the Federal Reserve Bank of St. Louis. Dr. Pakko's article explores the important underlying policies of spending and taxation that are contributing to the growing national deficit.

Excerpts:

"While the immediate impacts of government deficits and debt are a matter of some controversy, most economists agree that the long-term fiscal outlook for the U.S. requires serious attention. The retirement of the Baby Boom generation and a slowing rate of growth in the labor force will create a demographic time bomb in which entitlement growth threatens to swamp available resources."

"Fundamental reform of entitlement programs is critical for putting U.S. fiscal policy on a long-run sustainable path."