Huntsman, who announced his candidacy for the Republican presidential nomination in June, recently served a two-year tenure as U.S. ambassador to China a nation he described as full of an "energy" that the United States lacks.
The optimistic character of the Chinese people, who Huntsman described as "excited about where they are in life," results from the near 10 percent growth their economy has experienced for "30 years running." In comparison, the United States has seen opposite results, he said.
"All I can tell you, ladies and gentlemen, is we are in a funk in this country," he said. "We're not going to get out of this funk we're in until, realistically, we deal with debt and spending."
In order to "ignite the economic engines," Huntsman said the United States must accomplish three "critically important" reforms tax reform, banking regulation and innovations for energy independence issues that have been in discussion "for eight presidents."
Domestic manufacturing, which has declined from 20 percent of total American gross domestic product to 11 percent since the 1980s, is an issue that must be addressed to alleviate unemployment levels, Huntsman said.
"We need companies that export products, and we need companies that hire people and create jobs," he said.
In response to a question by the most recent presenter in the lecture series, former Gov. Buddy Roemer, R-La., about whether or not Chinese trade was fair, Huntsman said trade in China is "evolving" and will continue to do so.
"Is it fair? No, it's not fair yet," Huntsman said, noting that there remain "hurdles" that China must overcome before trading practices are ethical.
Despite this lack of fairness in Chinese trade, the economic relationship between the United States and China will continue to be a crucial part of American trade, he said.
"In the years to come, the two most pronounced trends in the U.S.-China commercial and economic relationship will be more in the way of opportunities for small businesses at a more economically competitive rate," he said, adding that the United States is the "preferred market for China."
In addition, China is "one of our largest creditors" outside of the United States, as it has financed much of our national debt, Huntsman said. Japan, however, closely follows China in terms of foreign investments in the United States economy, according to Huntsman.
The American and Chinese approaches to economic projections are in opposition, according to Huntsman. The United States economy focuses on short-term solutions to economic problems, whereas the Chinese emphasize long-term goals, he said,
"We need a long-term strategic dialogue with China," he said, adding that it is "difficult to bridge those cultural gaps."
In order to respond to China's increasing prominence in the international community, Huntsman said American students should learn Mandarin, as China will soon be the largest English-speaking nation.
"Whether they realize it or not, [learning Chinese] begins to prepare [Americans] for the 21st century, and it begins to prepare us for the competitive challenges for the 21st century," he said.
Huntsman also addressed climate concerns in response to a student's question.
"First of all, I think that science should lead this discussion, not politics," he said, adding that natural gas is a "bridge product that we need to take seriously."
"We're facing some historic challenges, and we all have a choice," he said. "You all have a choice [in the upcoming election]," he added. Huntsman also discussed his patriotism, which he said was the fundamental reason he decided to run for president.
"I can't stand the thought that we're about to hand down the greatest nation that ever was to your generation," he said, adding that America today is "less hopeful and weaker."
The upcoming election is of particular significance to college students, as the current problems with which Americans must contend will directly affect young Americans, Huntsman said.
Huntsman said the decline of the United States' prominence in the global economy over time is "un-American," adding that this is a "completely unnatural" phenomenon.
President Barack Obama is "a good man," though he has not succeeded in addressing the problems that are important to the United States, according to Huntsman.
"He's fundamentally failed us," he said, on issues including job creation, economic debt, Medicare and social security.
Public policy professor Charlie Wheelan '88, who moderated the discussion, said politicians vying for the Oval Office must contend with a number of "sobering issues," including health care reform, foreign trade and changes in our military.
"Now we also have some presidential candidates who, if elected, will be addressing all of these challenges at once," he said.
