[column size=”1-3″ last=”0″]
[staff name=”Keith Hennessey” position=”Lecturer | Stanford Graduate School of Business” img=”https://www.t4a.org/wp-content/uploads/2014/06/keith-hennessey.jpg”]Keith Hennessey is a Lecturer at the Stanford Graduate School of Business, where he teaches courses in American economic policy and how it gets made. He spent more than 14 years in economic policy roles advising senior elected officials, including for a time as the senior White House economic advisor to President George W. Bush. As Deputy Director and then Director of the White House National Economic Council, I coordinated economic policy design and implementation for the President. The last thirteen months of his time in the White House were by far the most intense, helping advise President Bush on his Administration’s response to the financial crisis.
Connect with Keith here: [v_icon color=”#1bb2e9″ size=”21px” hover=”show-color” name=”moon-twitter” url=”https://twitter.com/KeithHennessey” target=”_blank”][/staff][/column]
[column size=”2-3″ last=”1″]
[v_icon color=”#1B75BB” style=”pull-left” size=”38px” target=”_blank” name=”moon-compass”]Contrary to what we see in the media, issues aren’t always just “red” or “blue” and elected officials don’t always vote with ideology first. Many members of the public believe that Congressmen vote purely along party lines, but, as Hennessey describes, there are many other factors that come into play including reelection, home state politics, and contributors. Some of these may point to a yes vote and some may point to a no. Ultimately, the legislator weighs all of these factors to come to a decision.
[v_icon color=”#F37320″ style=”pull-left” size=”38px” target=”_blank” name=”moon-list-2″]Hennessey also wanted to take some time to discuss some of the challenges he believes our nation is currently facing. These include entitlement reform, education as an economic issue, prioritizing free trade, and the lingering threat of too big to fail.
[v_icon color=”#FBAD1D” style=”pull-left” size=”38px” target=”_blank” name=”moon-coin”]Our TechTable was held just one day after Seattle announced that it was increasing the minimum wage to $15.00 per hour, so it was not a surprise that, while sitting down with a prominent economic figure, this debate came up. While Hennessey doesn’t support raising the minimum wage, he sees Seattle as a great case study to see what actually happens. Hennessey points out that while many conservatives will privately say that they don’t like price wage controls, those that are in tight races will come out in favor of the minimum wage. Hennessey predicts that we will not see any minimum wage increase in the next two and a half years. There are enough economists, and data supporting them, on both sides of the argument that there will always be a debate.
[v_icon color=”#F05A28″ style=”pull-left” size=”38px” target=”_blank” name=”moon-book”]Throughout our discussion, Hennessey pointed out a few resources for individuals interested in learning more about these issues.
- Mervyn King, former Governor of the Bank of England. He mentioned King gives the best speeches on capital flow.
- Andrew Haldane (Bank of England). The Dog and the Frisbee.
- Carmen Reinhart and Kenneth Rogoff. This Time is Different: Eight Centuries of Financial Folly. Hennessey referenced this a great resource for learning more about public and private debt
- Keith Hennessey’s blog: www.keithhennessey.com
Gallery coming soon…
…See more photos from this TechTable on our Facebook page.
Click here to read a more detailed summary of the TechTable (password required).