Fiscal resiliency in a deeply uncertain world

Peter Orszag, Robert Rubin, and Joseph E. Stiglitz discussed their PIIE Policy Brief, “Fiscal Resiliency in a Deeply Uncertain World,” in which they present a new fiscal framework that they argue better reflects the uncertainties affecting the budget. Their suggestions differ from those offered by some other leading scholars. The Policy Brief was published just prior to the Biden administration taking office and working with Congress to tackle the next US federal budget.

Orszag is chief executive officer of Financial Advisory at Lazard and serves on the Board of Directors of the Peterson Institute. He was previously director of the Office of Management and Budget in the Obama administration from 2009 to 2010.

Rubin served as the 70th Secretary of the US Treasury from 1995 to 1999. He is chairman emeritus of the Council on Foreign Relations and is one of the founders of The Hamilton Project at the Brookings Institution.

Stiglitz is university professor and founder and president of the Initiative for Policy Dialogue at Columbia University. He is also co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the Organization for Economic Cooperation and Development. He was awarded the Nobel Memorial Prize in Economics in 2001.