I
n a recent speech to the New York Council of Relocation Professionals (NYCORP), Dr Paul Sheard, Australian
American economist, policy commentator and Wall Street Journal bestselling author of The Power of Money, gave his update on the health of the US economy and his vision of the future. In his address, Some Surprising
Facts About the US Economy, Dr Sheard brought unmatched global experience, having served as Chief Economist at Lehman Brothers during the financial crisis, as Vice Chairman and Global Chief Economist at S&P Global, senior academic and policy leader at Harvard Kennedy School, Nomura, and the Australian National University, advisor to the Japanese government and contributor to global economic councils, including the World Economic Forum. Introduced by Brenda Levis,
Dr Paul Sheard, Australian American economist, policy commentator & author
President of NYCORP and Founder and President of NYC Navigator and New England Navigator, Dr Sheard spoke about the impact of AI, migration and entrepreneurship on the US economy and shared his insights into how global economics functions. Dr Sheard, author of Wall Street Journal bestseller The Power of Money: How Governments and Banks Create Money and Help Us All Prosper, began by recalling how Brenda had helped him and his wife navigate their move to New York twenty years ago, and how the move had been so successful that he was still living there now.
WHY DOES THE US ECONOMY MATTER TO THE REST OF THE WORLD? The US economy, with a $31 trillion GDP (gross domestic product), is the largest and most innovative economy in the world, growing at around two per cent annually. While there has been criticism of the income and wealth inequality in the US,
Dr Sheard attributed the growing disparity to entrepreneurial wealth creation, with figures like Elon Musk and Jeff Bezos exemplifying the trend. He highlighted the misconceptions about government debt, emphasising that it functions as a form of money and purchasing power rather than a debt in the traditional sense, and explained the Federal Reserve’s role in maintaining economic stability through interest rates and controlling inflation. He emphasised the importance of
the Federal Reserve’s independence to prevent inflation and maintain monetary policy. “The job of the Fed is to keep
the economy on an even keel. It’s the most important central bank in the world,” he said. “The Fed is part of the government, but it’s set up in such a way that it puts shackles on the politicians, on the government, on the Congress, which prevents the government and the Congress from spending too much money.”
WHAT EFFECT WILL AI HAVE ON THE JOBS MARKET? Much has been written about AI’s impact on jobs, particularly affecting white-collar roles, but it also drives innovation and efficiency. Rather than wiping out jobs, it will reshape the work that we do. “It will give people in those jobs a
different set of tools with which to be productive,” Dr Sheard explained. He referenced how history suggests a familiar pattern where technology changes certain jobs while creating entirely new ones. For professionals across industries from finance to relocation services, the rise of AI presents both opportunity
and
challenge, but the human touch remains vitally important. “Whoever thought there would
be dog psychologists and social media influencers?” he said. He explained that while
legendary economist John Maynard Keynes once predicted that technological progress would
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GLOBAL LEADERSHIP
US E CONOMY
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