“All recessions end.” Good news, and the opening words from Ben Stein on the last day of Ernst & Young's Strategic Growth Forum.

Stein, a former presidential speechwriter turned actor and economic commentator, regaled the audience with some jokes that we won't print here. But he made many serious points as well, skewering both left and right with bipartisan wit.

He expressed concern about America's debt and said that “the bank bailout had to happen” in order to stabilize the financial system; that the effects of the current economic stimulus package have been “extremely minimal”; and that the bank stress test was a good idea.

And he said that although he does not like or necessarily favor tax increases, “Tax cuts don't raise revenue for the federal government. If you have high spending levels, you need high taxes.”

Stein spoke with humor and some acerbity about declining US standards of education, telling stories of college students he has met and testing their knowledge of history and current events. He asked two students what major event was going on in 1944, the year Stein was born. They didn't know. He gave them a hint: “It was global in scope; it was a conflict; and it was not the first of its kind.” They still didn't get the answer.

Stein said this was troubling from an economic standpoint, noting that “The days when people could get a good job with minimal education are over.”

 

More on session tracks:

• View details on all Plenary sessions
• View details on all Track 1 - Managing Transactions, Cash and Talent sessions
• View details on all Track 2 - Embracing Value, Innovation and Change sessions

Or to see a day by day outline of these sessions, return to the welcome page.