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History indicates that following a recession, economies usually have several years of above-trend growth. With that in mind, James K. Glassman — founding executive director of the Bush Institute — expresses dissatisfaction with the current recovery in his recent Forbes.com article, “Let’s Be Clear, The U.S. Economy Is Just Awful.” Last week, the Commerce Department reported that the economy’s decline in 2008 and 2009 was 3.1%. Meanwhile, growth in 2010 was only 2.4%, despite government stimulus spending, and growth and in 2011 was a paltry 1.8%. Growth in the second quarter of 2012 was only 1.5%. The CBO predicts only 2.0% growth in 2012 and 1.1% growth in 2013. These dismal growth figures may raise doubts about the Bush Institute’s goal for 4% annual GDP growth. After all, 3% annual growth is the long-term average growth rate since World War II — so is 4% attainable? Glassman believes that 4% growth is indeed a practical goal, but only if there are fundamental changes in policy. Two principles must guide policy reform, Glassman argues. First any potential policy change needs to be met with the question, “Does it increase growth?” If it does not, the reform is unneeded. Second, the government needs to enact policies that will pave the way for the private sector to create jobs. Glassman continues by outlining policy changes that can have big and immediate results. Many of these reforms — including tax cuts, a decrease in government spending, expansion of domestic energy resources, and a rationalized immigration policy — are outlined is great detail in the Bush Institute’s new book, “The 4% Solution.” Learn more about the book here, and read Glassman’s excellent column in its entirety here.
TARIFFIED: 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.