America’s Economic Edge Requires Hard Choices on Deficits, Housing, and Allies
Former Federal Reserve vice-chair Roger W. Ferguson Jr., in conversation with Piper Sandler chief global economist Nancy Lazar for the Hurst Lecture Series, argues that the US economy remains fundamentally strong but increasingly dependent on difficult political choices. Ferguson points to AI investment, deep capital markets, Fed credibility and the dollar as enduring advantages, while warning that deficits, housing shortages, immigration policy, inflation’s aftereffects and fraying alliances threaten the system that supports them. His confidence is conditional: the US can correct course, but only if policymakers accept costs voters have largely resisted.
The Aspen Institute·Jul 10, 2026·22 min read
