The New Jersey Bankers Association (NJBankers) welcomed more than 300 attendees to its 14th Annual Economic Leadership Forum on March 6 at the Embassy Suites by Hilton in Berkeley Heights. The event brought together top experts to discuss key economic trends, fiscal policy, and the impact of both state and national leadership on financial markets and business growth.
Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget, delivered a sobering assessment of the national debt, warning that it is on track to reach unprecedented levels.
“If we do nothing, we will borrow $22 trillion over the next 10 years,” said MacGuineas. “The debt is growing faster than the economy, which is how you know it’s unsustainable.”
She emphasized that addressing the crisis will require a combination of higher taxes and reduced government spending—difficult but necessary steps to ease the burden on future generations.
On the state level, Tim Sullivan, CEO of the New Jersey Economic Development Authority (NJEDA), struck a more optimistic tone, pointing to the state’s job growth, population gains, and investment in innovation.
He highlighted New Jersey’s network of 10 Strategic Innovation Centers (SICs), which are designed to drive long-term economic growth in high-impact industries such as advanced manufacturing, aviation, clean energy, life sciences, finance and insurance, and digital media.
The program, led by NJBankers President & CEO Michael Affuso, featured insights from Rob Nichols, president and CEO of the American Bankers Association, who provided a banking industry update, and Craig Dismuke, managing director at Stifel Financial Corp., who analyzed the current economic landscape.
Dismuke noted that consumer spending remains the key driver of economic growth, accounting for 72 percent of expansion.
“What is resilient in the economy is the consumer,” he said.
As one of NJBankers’ flagship events, the Economic Leadership Forum continues to serve as a vital platform for banking and business professionals to gain economic insights and strategic guidance.
