Conference Presentation, Keynote, Panel, Fireside Chat
Opening Remarks and Keynote
- The Milken Institute and the Sacramento Bee's Influencer Series anticipate ongoing multi-sector collaboration over the course of the event and extending through subsequent election cycles to resolve California's challenges rather than solving them in a single session.
- A workforce supply-demand gap is projected for higher education by 2030, where demand for college workers will outstrip supply due to insufficient graduates, a trend exacerbated by high tuition fees and underutilization of the state's diverse student population.
- Educational disparities are expected to result in California women having slightly less average education than the national average, leading to stagnation in female STEM participation and lower overall labor force participation rates.
- JPMorgan Chase commits to investing $1.75 billion over the next five years for inclusive growth and anticipates its corporate responsibility model will serve as a template for addressing social and economic challenges.
- The "Preparing California for the Future of Work" project intends to explore risks posed to workers by technology, automation, and AI, while developing and testing employer-driven education models to ensure workforce competitiveness.
- The "Financing Innovative Housing Solutions" project aims to address regulatory barriers to accelerate housing supply for the "missing middle" (households earning 60% to 100% of area median income) by identifying new financing mechanisms and building consensus among major city stakeholders.
- An infrastructure shortfall of more than $400 billion over the next 10 years is projected for California, necessitating closer public-private partnerships to fund state infrastructure and build climate-resistant transportation and water systems.
- The green bond market, which saw over $4 billion issued by California and New York by 2017, is expected to continue growing from its 2007 origins to fund new infrastructure and lead the global climate response independent of federal government action.
- California's economy is expected to remain vibrant and growing, with the Milken Institute planning major annual convenings in Santa Monica, Washington DC, London, Singapore, and Abu Dhabi, alongside numerous smaller global events.
- The California legislature is expected to process approximately 1,000 bills over the next four weeks, building on a recently approved budget described as the best in a generation that includes rainy day and safety net funds.
- Political and environmental conditions are projected to remain difficult, characterized by an "all year long" wildfire season, a "toxic" political environment, and the need to balance green economy goals with agricultural and wage regulation needs.
- Upcoming legislation, such as SB 1004 regarding mental health, is expected to reallocate more funds to young people to intervene at earlier ages, while officials anticipate needing courage to pass taxes for infrastructure rebuilding.
- The summit aims to establish a foundation for continuous engagement, with attendees encouraged to use the 10-minute break to make connections that extend the conversation beyond the event, supported by specific contacts at the Milken Institute for ongoing solution development.