I have recently been to two forums. One was a patch of historic ground in Rome, once ruled by the Caesars. The other was the President’s Economic Forum in Waco on Tuesday. I have been to the one in Rome before; it is always impressive. I can’t say I was surprised, but it is definitely worth many return visits.
The one in Waco was similar in many ways to a dozen others I have been a part of over the years (it was nice to have it only 4 exits down Interstate 35 from my office), but did offer a couple of pleasant surprises.
I enjoy these events on one level. They offer a chance to see old friends and colleagues, and the food is generally pretty decent (although nothing tops the continuous feast at the G7 Summit back in 1990). This particular one was different from the norm in several ways.
First, these sessions frequently boil down to geeks like me talking to each other. That was decidedly not the case in Waco. I participated in the panel on Economic Growth and Job Creation, and three of my fellow economists from around the country who are no strangers to these events (Mike Boskin, Marty Feldstein, and Allen Sinai) were also part of the mix. But the group of 20 or so also included CEOs of major corporations, trade association heads, union leaders, real estate folks, and small business owners. Other sessions were equally diverse.
Second, it was a much larger group than usual. There were about 250 people representing forty states. It was structured in a manner that allowed a fair amount of time to interact with each other and the Washington crowd.
Third, it was attended by a broad group from the Administration, including the President, the Vice President, all of the cabinet members who deal with economic issues, and several other senior members of the White House staff. These folks were also accessible to everyone much more so than usual (due in part to a large security pre-screening effort that most participants were probably unaware of).
The leadership of the Democratic Party called the event a joke, a show, and a photo-op for the President. Frankly, I didn’t find it that way. On the other hand, it probably didn’t merit the effusive praise offered up by the Republicans. Clearly, the media opportunities were carefully crafted to be politically correct and reflect well on the Administration. The same can be said of every event for every candidate for every significant office in the country, irrespective of party affiliation. It is also fair to say that most, but not all, of the people there generally supported the President and his agenda and some, but not all, were significant campaign contributors.
I must also say, however, that there was considerable diversity of interests and opinions. I am to some extent living proof of that point. I have been fiercely independent, high profile, and outspoken for the better part of a quarter-century. I have praised things I liked about the President’s actions, and I have pointedly criticized those I felt were wrong. While it is true that the Democratic Congressional leadership was not there, neither were the Republicans. This Forum was not about people inside the Beltway talking among themselves; that happens every day. It was designed for folks facing a variety of challenges and opportunities to communicate with the Administration at the highest levels—and they did. As one who looks at data and models all the time, consistently talks to key political and business leaders, and also visits with thousands of folks on the stump every month, I can assure you it is the last of these activities that is the most informative.
I mentioned a couple of surprises at the outset. One was the relatively consistent views of a diverse group of people. Economists, workers, educators, small business owners, investors, retirees, corporate CEOs, and union representatives alike recognized the need for corporate accountability, affordable healthcare, and rational regulation. The other was that there was a genuine, uncensored opportunity to communicate with those in a position to make a difference. Earthshaking—I wouldn’t think so. Productive and informative—without a doubt!