HESBURGH LECTURE SERIES 2013 Program - Alumni Association ...

Michael J. Pries, Ph.D., ’93
Associate Professor, Economics
Biography
Michael Pries joined the Department of Economics and Econometrics in 2007. His primary
field of research is macroeconomics, with a focus on labor markets. His current research
focuses on amplification and persistence of shocks to the labor markets, and on cross-country
differences in labor market performance. He teaches macroeconomics at both the graduate
and undergraduate levels, and in the past has taught a course in financial markets. Pries has
published in the Journal of Political Economy, the Review of Economic Studies, the Review of
Economic Dynamics, and the Journal of Economic Dynamics and Control.
Lecture
Our Growing National Debt and What it Means for Our Economic Future
The federal government’s recent deficits have reached levels not seen since World War II. As a consequence, the national debt has
grown dramatically. Moreover, forecasts of where the debt is headed, based on current policy, show the U.S. debt-to-gdp ratio
climbing to unprecedented levels in the coming decades. This lecture examines several aspects of these fiscal forecasts. First, what
are the economic and demographic forces behind the gloomy projections, and how do Social Security, Medicare, and Medicaid
contribute to future deficits? Second, if the path that we are on is not altered, and the projected debt levels come to fruition, what
will be the impact on our economy and on our standard of living? Finally, what are the policy options for restoring fiscal balance?
82 The Hesburgh Lecture Series, 2013 Program
Categories
Business, Economics,
Government