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Phillip Swagel

Showing 1–3 of 3 transcripts.

  1. Milken Institute58 min

    Balance Sheet: The US Government Budget and National Debt | Global Conference 2025

    Josh Barro, Maya MacGuineas, Steven T. Mnuchin, Paul Ryan, Alan Schwartz, Phillip Swagel, David Malani

    A panel of economic experts and former officials projected that U.S. deficits will reach 8% of GDP within four years, driven by expiring tax provisions, rising interest costs, and an inflexible entitlement system facing insolvency by 2033. While policy proposals ranging from Value Added Taxes to sovereign wealth funds were debated, participants warned that political gridlock and current IRS reductions will likely delay necessary structural reform until a market crisis forces action. The discussion highlighted a potential erosion of dollar hegemony due to rising borrowing costs and foreign diversification, urging the creation of a bipartisan fiscal commission with enforcement powers to prevent a long-term debt spiral.

  2. Milken Institute1h 0m

    Rebuilding Housing Finance: The Next Steps

    Ed DeMarco, John Bartling, John Delaney, Nagendra Jayanty, Rick Lazio, Phillip Swagel

    Leading policymakers and market experts convened to analyze the post-crisis housing finance landscape, highlighting that taxpayer-backed support now comprises 75% to 80% of U.S. mortgage finance while homeownership rates have stagnated near 64%. Participants scrutinized the Delaney-Carney-Himes legislative framework, a proposal designed to reintroduce private capital by mandating a 5% first-loss layer and forcing the government to sell guarantee exposure pari passu to market investors. The dialogue concluded with a strategic pivot away from broad homeownership subsidies toward targeted affordable housing solutions, projecting an incremental 20-to-30-year transition from government-heavy models to private market risk absorption.

  3. Milken Institute59 min

    U.S. Tax Reform: What's New, What Would It Mean?

    Jared Bernstein, Mark Everson, Nancy Kopp, Phillip Swagel, Liz Claman, Phil Swagel

    Prominent experts including former IRS Commissioner Mark Everson and Milken Institute officials Phil Swaggle and Jared Bernstein convened to analyze U.S. tax reform priorities following the financial crisis, focusing on the inefficiencies of current tax expenditures like the mortgage interest deduction and carried interest. The panel identified a critical need to close the $300 billion annual tax gap and eliminate barriers such as the Alternative Minimum Tax that hinder small business innovation and domestic R&D investment. Despite consensus on the necessity of capping deductions and ending corporate tax deferral, the group acknowledged that political gridlock and rigid fiscal rules remain significant obstacles to comprehensive legislative action.