NEC Luncheon with Joseph McCormack, Fiscal Lab 8/27

America’s federal budget challenge is no longer an abstract accounting problem confined to Washington—it is increasingly affecting household finances through persistent deficits, rising debt, and growing interest costs. Wharton Club members & guests are invited!

The Cost of Delay:

Why the Federal Debt Crisis Demands Deleveraging, Despite the Significant Pressure It Places on Households

Date:
Thursday, August 27, 2026, 12:00-1:30pm

Speaker:

Joseph R. McCormack

Senior Fellow in Economics, Fiscal Lab on Capitol Hill

America’s federal budget challenge is no longer an abstract accounting problem confined to Washington—it is increasingly affecting household finances through persistent deficits, rising debt, and growing interest costs. Dr. Joseph McCormack of Fiscal Lab on Capitol Hill will explore how Congress’s reliance on short-term budget fights has failed to address the nation’s long-term fiscal challenges and reduced its flexibility to act on national priorities. He will examine the choice between responsible fiscal reform today or harsher measures later if crisis forces action, and what those choices mean for American households.

Please note this is an in-person event. For anyone questions, please email manager@national-economists.org.

Dr. Joseph McCormack has more than 15 years of experience as an economist and subject-matter expert, specializing in economic policy analysis, forecasting, financial institutions, and econometric modeling. His expertise spans translating complex research into clear economic storytelling, evaluating fiscal and legislative policy, and leading teams in budget scoring, model validation, predictive analytics, and risk assessment.

He currently serves as a Senior Fellow in Economics with The Fiscal Lab on Capitol Hill, a new initiative led by Dr. William Beach. In this role, he contributes to improving fiscal and economic discussions across Congress by leading the Fiscal Lab’s budgetary scoring efforts, conducting original research, writing reports ranging from short policy briefs to detailed econometric analyses, training congressional staff, and reviewing economic reports from federal agencies.

Previously, at the Office of the Comptroller of the Currency, he evaluated risks to the banking sector with a focus on commercial real estate and business lending, while also presenting analyses directly to internal risk committees, senior officials, and community banks. Before that, he worked at Summit Consulting as a Senior Economist and Team Lead, where he managed teams of economists, researchers, and data scientists to independently audit federal agency models, apply advanced modeling techniques, and delivering actionable insights to clients.

Earlier in his career, he served with the Senate Budget Committee and the Congressional Research Service, where he analyzed fiscal policy, legislative proposals, and the impacts of major reforms such as the Dodd-Frank Act. He also modeled credit outcomes and monitored risk at Capital One. He holds a PhD in Economics from The George Washington University, where his research focused on the role of fiscal institutions in shaping budgets and growth, and has published in Applied Economics.