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Senator Ted Cruz spoke powerfully about 4% growth in a keynote speech at today's National Review Institute Summit in Washington, DC. Cruz urged that growth is the solution to our country's problems, and argued that every debate over policy in the coming years must "be focused like a laser on economic opportunity."
Discussing the jobs crisis, Cruz asserted that a decade of sustained 4% growth would result in the creation of 10 million new jobs. How about the national debt? A decade of strong growth would raise $3 trillion in new tax revenue. This is more revenue, Cruz noted, than any scheme to raise tax rates on the rich could generate. And 4% growth would raise all boats, lifting approximately 3 million Americans out of poverty in a decade.
Cruz didn't have time to mention all the other benefits of strong growth. But we urge everyone to read our work on this, available here.
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