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Paul Krugman, writing for The New York Times, takes issue with an Op-Ed by Edward Lazear that appeared recently in The Wall Street Journal. Lazear is a member of the advisory board of the George W. Bush Institute, and chairman of the board of overseers of the Becker Friedman Institute at the University of Chicago. In his blog, Krugman defends broader government spending as a method for boosting growth. Yet too much emphasis on government stimuli neglects the ample evidence that smaller government is good for growth. In his Op-Ed, Lazear mentions the economists Andreas Bergh and Magnus Henrekson who find that an increase in the size of government relative to GDP by 10 percentage points is associated with a half to one full percentage point decrease in the annual growth rate of a country. Bergh and Henrekson's analysis ranges over a wide period. In U.S. history, there have been a number of moments when strong growth followed budget cuts, as the Bush Center's Amity Shlaes has noted in several articles. One instance was in the 1920s, when the federal government cut the budget in half. More than five years of strong growth followed. Yes, there was an intervening recession, that of the early 1920s. It was sharp, but so short almost no one remembers it.
Matthew Denhart is an expert on immigration policy and is the author of the Bush Institute’s America's Advantage: A Handbook of Vital Immigration and Economic Growth Statistics, now in its third edition. He currently serves as executive director of the Calvin Coolidge Presidential Foundation and is a founder of the Coolidge Scholars Program which provides full-ride merit scholarships to America's most promising college students. A summa cum laude graduate of Ohio University, Denhart has written and spoken widely on a variety of policy topics including the economics of higher education, labor, and taxes. He has contributed articles to numerous national publications including The Wall Street Journal, Forbes.com, CNN Opinion, and Bloomberg View.Full Bio
TARIFF-IED: Trade Talk with Matthew Rooney
This week, trade relations between the U.S. and India are continuing to escalate. Earlier this month, the U.S. stopped granting India special trade privileges by taking away the Generalized System of Preferences (GSP) program, and India has responded by enforcing more tariffs of its own. The George W. Bush-SMU Economic Growth Initiative Director Matthew Rooney breaks down the trade conflict: For more information on trade groups and the global economy, visit www.bushcenter.org/scorecard.
How Trade Spreads Holiday Cheer
It is projected that the average American household will spend more than $1,000 during the holidays this year.
Deporting Salvadorans May Lead to Economic Decline
We should think carefully about a policy whose major impacts are likely to be reductions in employment and economic activity here at home, and increased instability and lawlessness along our borders.
Bush Institute's Laura Collins Talks Immigration on Good Morning Texas
Last week, Deputy Director of Economic Growth at the George. W. Bush Institute Laura Collins spoke with Good Morning Texas about immigration myths. During the interview, Collins had the opportunity to set the record straight and address common misconceptions about legal immigrants living in America today. The segment was inspired from facts released earlier this fall by the Bush Institute in the third edition of America's Advantage: A Handbook on Immigration and Economic Growth. Watch the full Good Morning Texas interview here.