The Next Economic Disaster

Traditionally, economic crises have fueled debates focused primarily on the role that public debt and debt-fueled public spending play in economic growth. However, serial entrepreneur and finance expert, Richard Vague in his provocative new book, The Next Economic Disaster: Why It's Coming and How to Avoid It, argues that it is in fact the rapid expansion of private rather than public debt that constrains growth and sparks economic calamities like the financial crisis of 2008.

Relying on the findings of a team of economists, The Next Economic Disaster pinpoints that the Great Depression of the 1930s, the economic collapse of the past decade, and many other sharp downturns around the world were all preceded by a spike in privately held debt.  The Atlantic’s Steve Clemons and the New America Foundation’s Economic Growth Program Director, Sherle R. Schwenninger hosted an in-depth discussion on the current state of the US economy, assessments of the global debt and growth picture and responses to the threat of yet another financial disaster.

Join the conversation online by following @NewAmerica.

Participants:

Steve Clemons
Washington Editor at Large, The Atlantic
Senior Fellow, American Strategy Program, 
New America Foundation 
 
Sherle R. Schwenninger
Director, Economic Growth Program, New America Foundation

Author, The Next Economic Disaster: Why It's Coming and How to Avoid It