Concordia University Wisconsin welcomes business leader and two-time presidential candidate Steve Forbes, chairman and editor-in-chief of Forbes Media, for a conversation on the economy, entrepreneurship, and the future of America’s youth.
When Steve Forbes joins a phone call or walks into a room, there’s no mistaking the mix of humor, insight, and history he brings with him. As chairman and editor-in-chief of Forbes Media—and a two-time presidential candidate (1996 and 2000)—he’s spent decades analyzing the forces that shape our economy, challenge entrepreneurs, and influence how the next generation will lead.
During his interview with CUW’s Content Production and Management Specialist Nastassia Putz, Forbes shared his candid thoughts on the future of the U.S. economy, the role of entrepreneurship, and what advice he’d give to today’s college students.
“I got the invitation through Young America’s Foundation,” Forbes joked. “They promised me a free lunch, and I said, ‘Okay, I’ll take it.’”
The biggest challenge for today’s graduates
Forbes didn’t hesitate when asked about the obstacles facing this generation.
“Too many institutions aren’t meeting the needs of students,” he said. “Graduates often enter the workforce with what amounts to a mini-mortgage in student debt and without the kind of training that prepares them to move ahead.”
But he also sees reason for optimism.
“These problems aren’t cosmic—they’re policy problems,” he added. “If we have low taxes, fewer regulations, and a stable dollar, we’ll unleash incredible opportunity. For young people, my advice is simple: explore, take yourself out of your comfort zone, and don’t worry too much about GPA. Learn by doing.”
Entrepreneurship: The heartbeat of progress
He believes entrepreneurship isn’t just about starting a business—it’s a mindset.
“Entrepreneurship is another word for innovation,” he said. “It’s about constantly finding better ways to do things. Even small improvements—like standardizing coffee cup lids—save time and resources. That’s entrepreneurship at work.”
He quoted economist Thomas Sowell: “The difference between us and people in the Stone Age isn’t resources—it’s knowledge.”
“That’s what progress is,” Forbes said. “Expanding and applying knowledge in new ways.”
Policy priorities for innovation
Asked what kind of policies would best support young innovators, Forbes didn’t miss a beat.
“First, reform the student debt system. People should be able to focus on their future, not on paying for their past,” he said.
“Second, create a healthy economic environment. Today, we have over 300,000 federal rules. In Australia, they simplified hundreds of pages of nursing home regulations into three principles: keep it clean, make it home-like, and figure out how to do it. Results improved dramatically. We can learn from that.”
On global challenges
He also spoke frankly about international instability and the economic pressures building worldwide.
“We’ve got wars in Gaza and Ukraine, and potential flashpoints in the South China Sea,” he noted. “There’s too much global debt and weak currencies. Gold prices above $4,000 an ounce are a warning sign—we’ve seen that before big financial shocks.”
And when it comes to trade, Forbes is clear: “I’m not a tariff man. Tariffs are just taxes. We should be reducing trade barriers, not raising them.”
The media revolution
Having led Forbes magazine through one of the most transformative eras in journalism, Forbes reflected on how drastically the media landscape has changed.
“When I started, it was print, radio, and TV. Now everyone’s a publisher,” he said. “AI has made it even more astonishing. Tools like ChatGPT can mimic your writing style or generate content instantly. The challenge now isn’t access to information—it’s figuring out what’s true.”
Still, he says, “The principles of good economics haven’t changed in 4,000 years: low taxes, stable money, and sensible regulations.”
The enduring pursuit of truth
Asked where students should turn for truth in a polarized world, Forbes pointed to reading—and reasoning.
“Start with Forbes,” he said with a chuckle. “Then read works that stand the test of time.”
He recommended his own co-authored book, “Inflation: What It Is, Why It’s Bad, and How to Fix It,” along with George Gilder’s “Wealth and Poverty” and Jude Wanniski’s “The Way the World Works.”
“These focus on enduring economic truths that outlast political noise.”
On politics and leadership
Reflecting on his presidential runs, Forbes observed, “When I announced my 2000 campaign online, reporters thought I was crazy. No one took the internet seriously then. Now it’s everything.”
As for policy regrets, he wishes the U.S. had embraced a flat tax. “It’s simple, fair, and efficient. Some countries adopted it—but not us,” he said. “Health Savings Accounts caught on, but there are still too many restrictions.”
Would he ever run again? “I’m an agitator now,” he laughed. “I do my running on the treadmill.”
Hope for the next generation
Despite global uncertainty, Forbes said he remains hopeful about the future.
“The spirit of opportunity is still alive,” he said. “In the U.S., we have a culture that embraces entrepreneurship. Even though we face challenges, young Americans still have the drive to create, take risks, and innovate. That gives me great hope.”
For one night only
Forbes’s visit to Concordia University Wisconsin is part of an ongoing effort by YAF and CUW’s Free Enterprise Center to bring national thought leaders to our campus. His message—to think boldly, seek truth, and innovate with purpose—will take center stage tonight for CUW students attending his speaker series event.
Tonight, at 5:30 p.m., Forbes with be at CUW in the Collaboratorium (lower level of The Robert W. Plaster Free Enterprise Center) and then off to the Concordia Center for Environmental Stewardship to give a speech (6 p.m.) on “How Entrepreneurs, Not Government, Built America.” To register, click here.
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Concordia University Wisconsin is a Lutheran higher education community committed to helping students develop in mind, body, and spirit for service to Christ in the Church and the world.
The Batterman School of Business enrolls the most students out of CUW’s six academic schools. The BSB offers a complete range of business education programs and degrees including bachelor’s degrees for undergraduate and adult accelerated students, as well as licensures and certifications. Graduate programs include our highly ranked Master of Business Administration program (with 12 concentrations), and master’s degrees in accountancy, business analytics, and more. The school also offers a Doctor of Business Administration degree, the only one of its kind in the Milwaukee area, as well as a Ph.D. in Business Administration.