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Steve Conover, The American Warren Buffett, recently expressing his disgust with the debt ceiling debate, condensed a profound truth about our federal debt into just a few short words. Although this gem of wisdom (below) deserves to be elevated to the status of a new “Buffett Rule,” that will not happen in the foreseeable future, because both presidential candidates are choosing to ignore it. Why? Apparently, they would rather not complicate the economic debate, especially during election season. Nonetheless, the new “Buffett Rule” deserves some airtime, because both candidates have some explaining to do. The rule comes from Buffett’s recent answer to a question about the debt ceiling: "As this country grows, our debt capacity grows." That simple statement packs a lot of meaning into eight words. It means that a growing economy can neutralize the impact of growing debt. It means that “paying down the debt” is not necessary when the economy grows at a sufficient pace. It means that taking our eyes off the overwhelmingly important goal of returning the economy to robust growth is a waste of valuable time. Read More
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.