BRISBANE, AUSTRALIA – The G20 summit is on the other side of the globe, but it’s not just another big fancy meeting with world leaders; what happens at that summit hits close to home when it comes to our economy and jobs.
It’s where presidents, monarchs and prime ministers get together to take on the world’s biggest economic challenges. The G20 summit started during the Global Financial Crisis in 2008. World leaders are still working to stop the fall-out, and each year they tell us they make progress.
“We have to learn we don’t live in a nation anymore, we live in a global economy,” said Barry Bosworth, a Senior Fellow at the Brookings Institution in Washington, D.C. “What happens in the rest of the world makes a great deal of difference to us.”
The G20 has been held all over the world. In 2009, it was in Pittsburgh, Pennsylvania. There, leaders addressed the problem of too-big-to-fail financial institutions. In 2012, leaders of G20 nations traveled to Los Cabos, Mexico and reaffirmed their pledges to increase the International Monetary Fund. In 2013, the summit was in St. Petersburg, Russia, where Syria and security dominated coverage.
But this is a new year, and here’s what leaders hope to talk about this year: trade, jobs, infrastructure investment and tax reform.
“A lot of the issues that are taken up as global concerns are very important to us,” Bosworth said. “So we should care a lot.”
Simply put, the G20 is powerful. G20 nations generate 85 percent of global GDP, are responsible for more than three-quarters of all world trade and are home to two-thirds of the world’s population.
“I think leaders, when they get together this time in Australia, they really have to come together and terms of advancing economic freedom and implementing those good policies,” said Anthony Kim, a Senior Policy Analyst at the Heritage Foundation in Washington, D.C.
The meeting is not just about the photo opportunities; there is a serious job to do. Leaders have to continue to save our economy and our jobs through good policy and financial reforms.
Which means every American has a stake in the success of the G20 Summit.