The Real Impact of Globalization

NAPA, Calif. — Stuart Varney, an economist and contributor to Fox News, is bullish on the U.S. economy. He warns, however, that government will have trouble supporting long-term pension and health-care commitments to retirees in coming years.

Varney, speaking here at the Ziff Davis CIO Summit on Monday, said there is also a potential political “crunch” in China that could spill over to that country’s economy. That crunch may occur because China’s Communist party is being “bumped up against” by capitalists on issues such as property rights. “Twenty years from now, I cannot see the Communist party maintaining its grip,” he said.

Varney discussed the new realities of the global marketplace, addressing an audience of about 130 technology executives at Ziff Davis Media’s CIO Summit at the Silverado Resort in Napa, Calif.

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