In the face of growing geo-economic challenges and global uncertainty, U.S. business leaders and citizens are charting a path forward together, suggests a new report from the Milken Institute and Harris Poll titled “Building A Resilient America: The New Consensus for Action.” The report highlights the intricate dance leaders are performing as they navigate economic instability, technological disruptions, and societal shifts.
The Milken Institute-Harris Poll findings not only reveal the current economic anxieties but also sketch a blueprint for resilience and optimism that transcends political divides. According to the survey, an overwhelming 91% of business leaders are calling for an enhanced focus on bolstering U.S. competitiveness in the global market to maintain America’s global standing.
U.S. business leaders are optimistic about business strength, but for many Americans, the economic recovery is a reality yet to be experienced at home,” said Harris Poll CEO John Gerzema. “What everyone can agree on is the importance of building a resilient, crisis-prepared society, underscoring a collective commitment to societal progress.”
This new report is part of The Milken Institute-Harris Poll Listening Project, now in its 5th year, which surveys socio-economic, institutional, and political barriers to evaluate key global and national challenges. This year’s research is focused on the U.S. and U.S. economy with the poll surveying 500 U.S. business leaders and 4,000 American adults 18+.
Key findings include:
Business Optimism vs. Consumer Caution: A Tale of Two Perspectives on the Economy
While business leaders show confidence in the future, consumer sentiment lags. Most business leaders believe the U.S. economy (81%), their respective industries (81%), and their own companies (81%) are strong. In contrast, only (40%) of Americans concur that the economy is strong. And (72%) of Americans agree that “economists may say things are getting better, but we’re not feeling it where I live.”
The Resilience Imperative: America’s Unified Quest for Endurance
Cultivating resilience across society is seen as crucial for managing disruptions and shaping the future. An overwhelming (89%) of business leaders concur that “it is important that America is able to create resilient policies and solutions to navigate disruptions.” Likewise, (86%) of Americans say, “I want a more resilient America that leads the word in its capacity to navigate and handle crises.” Nearly 8 in 10 Americans believe securing America’s global leadership position in the next four years will tangibly improve their communities (79%), their job security (78%), their life overall (78%), as well as the U.S. overall (78%).
Consensus for Place-Based Innovation to Restore Trust and Advance Progress
There’s a shared conviction amongst business leaders that place-based innovation can rebuild institutional trust (91%), create new manufacturing systems (90%), and rebuild political trust (88%). Americans echo this sentiment, agreeing that “business leaders should work more closely with government leaders to solve our social challenges” (76%). And what’s interesting is perhaps this innovation is already happening, as (71%) of Americans say, “innovation is bubbling up in local communities, but national media is missing this story.”
“These findings validate what we see as an emerging, consensus for solving our biggest challenges through cross-sectoral and bottom-up solutions,” said Dan Carol, who leads Milken Institute’s climate finance practice and geo-economics programs. “Working with business leaders, governments, and frontline community leaders in this way will help us bolster US competitiveness and local economic resilience.”
The Milken Institute has been at the forefront of advancing geo-economics research, programs, and innovation workstreams to help policy, business, and civic leaders navigate the rapidly evolving global economic landscape.
The newly released poll and discussions at the conference will help guide the Institute’s future geo-economic priorities, with a focus on: (1) harnessing innovation and AI to usher in a new era of equitable human development and breakthroughs in tailored education, gov-tech, and civic engagement; (2) re-wiring supply chains to identify key chokepoints and near-shoring opportunities; and (3) bolstering climate resilience to help governments, communities and the private sector re-calibrate climate strategies. This includes its 10,000 Communities Initiative which is accelerating and advancing critical community infrastructure projects by maximizing innovation and integration across regions, sectors, and sources of capital investment.
“Today’s new normal is defined by multi-trillion-dollar global disruptions — from pandemics to geo-political shocks, to artificial intelligence — that are reshaping business models and investment strategies from top to bottom,” added Karen Kornbluh, senior advisor on geo-economics for the Milken Institute. “The next generation of solutions and opportunities will be anchored by locally-led innovation and new, outcomes-based, public-private partnerships.”
Full results of the Milken Institute-Harris Poll Listening Project poll will be discussed at the Milken Institute Global Conference in Los Angeles May 5-8, 2024. Harris Poll leaders John Gerzema and Libby Rodney will participate in those discussions, alongside other experts, to further delve into how the emerging economic consensus will play out at the local, national, and international levels. They will be part of more than 150 public sessions that will be live-streamed during the conference.
For more information and a full program schedule visit www.globalconference.org. For updates on the event, follow Milken Institute on LinkedIn, X, Instagram, and Facebook using #MIGlobal.
Looking Forward
As stakeholders converge at the upcoming Milken Institute Global Conference, the discussions will delve deeper into the implications of these findings and explore actionable strategies.
Impact Wealth Magazine is committed to bringing its readers thoughtful analyses and insights into the forces shaping our economic landscape. Stay tuned for more in-depth coverage of the Milken Institute Global Conference and other significant economic developments.
