Fill out the brief form below for access to the free report.
It is gratifying to see some of the issues — and recommendations — addressed in this blog beginning to show up in the mainstream press. We need all the help we can get in advocating the steps required to accelerate U.S. economic growth to 4% annually. The November 19 issue of Time magazine has two columnists writing on important topics. The first is Rana Foroohar, an Iranian journalist who is now assistant managing editor of Time. She tackles income inequality with admirable clarity:
You really can’t have a sustainable recovery in an economy that’s 70% fueled by consumer spending when 90% of the income gains since the recovery began have accrued to 1% of the population. That’s why I think the key to really solving the growth puzzle is tackling inequality. It’s been labeled a social issue. But there is growing reason to think of it as an economic issue.
Her principal prescription is tax reform, especially extensive simplification of the tax code. This overhaul is essential, I agree, and not only because it would make taxes fairer. It also would broaden the base of taxpayers, many of whom have disappeared from the tax rolls since the rates were lowered in 2003. They need to reacquire a sense of participating in the nation’s recovery. Turn the page and there is Fareed Zakaria arguing for a big effort to repair and upgrade our infrastructure. “Dealing with the larger challenges is important,” he writes, “but none of them will have an instant impact on the economy. A large push to rebuild America would.” And the benefits are not just short-term, he points out: “In the long run, you cannot have robust growth without strong infrastructure.” Zakaria believes a national infrastructure bank would foster a partnership between the public and private sectors. He also suggests President Obama ask Mitt Romney to spearhead the infrastructure project. Journalists are not policy makers, but they do have the capability of putting ideas directly to the people who are. Let’s hope the policy folks are reading, and listening.
2012 Economic Growth Fellow
John Prestbo is retired as editor and executive director of Dow Jones Indexes. Previously he was markets editor at The Wall Street Journal. He has co-authored or edited several books over the past 30 years. The most recent is “The Market’s Measure: An Illustrated History of America Told Through the Dow Jones Industrial Average,” published in 1999 by Dow Jones Indexes. His column, Indexed Investor, appears on the highly regarded “MarketWatch” business and finance website. He received his bachelor's and master's degrees from Northwestern University.Full Bio
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.