Thinking Globally, Acting Locally, The Future Responds Recap
- Matrice Ellis-Kirk, Managing Director, RSR Partners – Click Here for Bio
- Robert S. Kaplan, President & CEO, Federal Reserve Bank of Dallas – Click Here for Bio
- Tom Luce, Founder & Chairman, Texas 2036 – Click Here for Bio
Moderated by: Tony Fleo, CEO, Social Venture Partners Dallas – Click Here for Bio
- Created to bring guidance to businesses, communities, etc.
- Texas growth has been unequal; there are many parts of the state that have not experienced the growth that urban areas have
- The goal is to have a coalition and break the political politicization by mankind data-informed decisions
- COVID-19 makes mission even more important
- Need to address short term, but also addressing long term prevents and mitigates against future disasters
- “Crisis doesn’t build character; it reveals them”
Role of Federal Reserve Bank Currently
- 12 reserve banks in the US, with big research dept focusing on local, national and global economy
- Try to be highly involved in the local economy (local meaning Texas-wide and bordering states)
- FRB is a lender, not a grantor
Guiding Questions for Moving Forward
- How do we respond to the forthcoming stresses placed on the healthcare system?
- The uninsured pool will expand as employer-sponsored healthcare dwindles due to unemployment; COBRA is an option but is often inaccessible due to cost
- Postponing of vital, preventative health care appointments
- How are we going to implement Telehealth into our healthcare system?
- How are we going to implement digital education?
- Subsequently, how do we address the digital divide?
The Consumer in the Age of COVID-19
- A bright spot of our economic system was the consumer
- Consumer spending was 70% of GDP
- pre-COVID-19 we were already expressing concern about the growth
- Now, unemployment is going to hit 20% and consumer (the pillar of GDP) is heavily affected
- Most of 2021 will be spent trying to grind down unemployment
- Can’t afford to leave parts of the population behind, otherwise the economy will grow slowly
- Consumer demand doesn’t necessarily come just from opening up the economy. It comes from feeling safe, having job security, etc.
- How do we build a confidence level across the population that can provide the boost in the economy we need?
Capitalism and COVID-19
- Does capitalism still work?
- “Capitalism is going to need to work”- Robert Kaplan
- We’ve got a situation where whatever the government says/does, people will respond with how safe they feel
- Capitalism means people are free to do what they want
- Capitalism is going to work well: it’s going to break the businesses that don’t adapt to the changing realities and encourage new ones
- Relative confidence that businesses will adapt; hesitations towards whether the workforce will adapt as easily or efficiently
- Regionally, we’ve got to be in an area where we project the demands of the workforce
Who should be a part of future-oriented conversations?
- Older people are part of these conversations because they are the ones that turn out to vote
- The challenge of 20-30s is getting them to think about the future
- Experience of older people allows for dedication towards strategic planning and experiences to draw from
- However, there is no correlation with thinking of the future and age
- Leadership is future-oriented
- To recover, it is going to take focused efforts and leadership in private and public sectors, including nonprofits serving hard-to-reach areas
How can we have the most impact?
- Find local nonprofit or emerging nonprofits, particularly in healthcare or education or those serving at-risk populations
- Donate and serve on boards
- Entrepreneurialism and starting nonprofits play an important part in the social sector and revitalization
- Think about where the “creative destruction” (Tom Luce) is taking place and how we can address that
What does success look like?
- With the reopening, success looks like a slight decline of cases (maybe at times a slight increase). We’re at a point where we have to reopen
- What failure is going to look like is if we have a dramatic spike in cases