Thinking Globally, Acting Locally, The Future Responds Recap

Featured Speakers:

Moderated by: Tony Fleo, CEO, Social Venture Partners Dallas – Click Here for Bio

Texas 2036

  • 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

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