It was a very busy Monday, probably one of the busiest days I’ve had at Columbia so far: back-to-back classes, piles of problem sets and papers, a Principles of Economics midterm the next morning, and a couple more for later that week. But I wasn’t going to miss the Presidential Economic Advisers Forum. When and where again would I have the opportunity of witnessing these stars? Austan Goolsbee and Douglas Holtz-Eakin are senior economic advisers for the presidential candidates, and Joseph Stiglitz, one of the moderators, was a catalyst in my decision to attend Columbia. So, midterms and other externalities aside, I went. It was a very good decision.
I am just a neutral spectator in this circus ring, an international student with no voice in the American democracy. I am, however, an economics major. So as I sit here and helplessly observe the campaigns aiming for the White House, I think about my future plans. Will I graduate college and be able to work? Should I go straight into graduate school? Or should I just go back to Brazil and steer clear of the economic turmoil? This last thought is, however, unrealistic, since my country has already started to feel the impact of the crisis. BOVESPA, Brazil’s stock market, closed at a 3.57 percent downfall this Wednesday, as a result of the bad shape of the international market. On a more personal note, I’ve been repeatedly receiving news from parents and family members describing their individual losses in their own funds. And I must admit this: the American people have a tough, crucial choice to make.
Although very articulate and eloquent, Goolsbee steered away from controversial points, circumnavigating the questions and putting the spotlight on his opponent. As expected, he rhetorically questioned the Republican proposals and, with a very persuasive speech, may have won a vote or two for his party. Holtz-Eakin, on the other hand, remained static and delivered his party’s ideals very systematically—perhaps too systematically. Maintaining his poise, he carefully labeled the problems John McCain will face and what his alleged solutions are. Yet he missed an important point: how will these solutions be accomplished?
It was obviously a tough debate for both sides. Stiglitz, Woodford, and Currie are a challenging trio and they certainly did not take it easy on the advisers. Hard-to-follow, treacherous questions were launched from every member of the panel and sometimes caught the debaters off guard. Well-addressed questions came from the students as well, who were able to submit questions online prior to the speech and once again proved the distinguished intellect and exceptional political involvement of our student body.
Instead of clarifying their economic plans and escape routes out of the financial chaos, Goolsbee and Holtz-Eakin put together a stunning, flashy act, juggling the issues and contorting their ways around tricky subjects. What they did clarify, however, is that we are bound to go through rough times. Taxpayers will see their capital fly all over the place; retail sales will oscillate like never before; and maybe we’ll get to see British, Swiss, and French businessmen more often, as European capital is injected into American banks.
As the forum wrapped up on Monday, I realized just how unique the education I am receiving at Columbia is. Not only do I have access to one of the world’s most distinguished economics departments and to the resources New York City provides me, but I also get to listen to the proposals of the future President of the United States from the lips of his very own economic adviser. And, although I celebrate the uniqueness of this opportunity, I perceive how uninformed the people that do get to vote are. How many of them actually understand the specifics of the economic plans of their future president? How much information do they actually have regarding the proposals of each party? So, for you voters out there that do not have access to such resources as economic forums and debates, I suggest you go looking for the information yourselves. It is out there, on the candidates’ Web sites, in newspapers—it is everywhere. It is a tough job and a tough choice, and I’m glad I don’t have to make it. Good luck to you.
The author is a Columbia College sophomore.
