The Next Business Tax Regime: What Comes After the TCJA
This essay presents the case for a better US business tax regime. First, we provide an overview of the business tax base in the United States and describe how business activity is taxed, with special focus on the 2017 Tax Cuts and Jobs Act (TCJA). We then review early evidence of the TCJA’s effects on ...
Foreword: Building a More Resilient US Economy
The Aspen Economic Strategy Group’s sixth annual policy volume focuses on building a more resilient US economy. Several major economic and geopolitical disruptions and developments in recent years—including the global COVID-19 pandemic, Russia’s invasion of Ukraine, and growing tensions with China—have heightened the need to get our domestic finances in order, strengthen supply chains, and ...
Aspen Economic Strategy Group Releases 2023 Annual Policy Volume: Building a More Resilient US Economy
Washington, DC, November 8, 2023 – The Aspen Economic Strategy Group (AESG) today released its sixth annual policy volume, Building a More Resilient US Economy. The book’s publication comes as the US faces historically high levels of debt that threaten the resiliency of the nation’s economy, including the ability to invest in key priorities and ...
Aspen Economic Strategy Group Welcomes Five New Members
WASHINGTON, DC, JANUARY 22, 2024 – The Aspen Economic Strategy Group (AESG) today announced five new members have joined the sixty-five-member, bipartisan group of distinguished leaders and thinkers who share the goal of promoting evidence-based solutions to significant challenges confronting the American economy. Established in 2017 and co-chaired by former U.S. Secretaries of the Treasury ...
The Hill Op-Ed: How to fight poverty and boost work with an enhanced Child Tax Credit
The president’s 2024 budget, released today, calls for reinstating the 2021 expansion of the Child Tax Credit, which dramatically reduced child poverty. The temporary effect of that one-year expansion on poverty rates was a remarkable feat — instead of what surely would have been an increase in child poverty while the economy was still weak, we saw a reduction ...
Washington Post Op-Ed: Americans are being left behind. Here’s how we fix it.
Many Americans are being left behind by today’s modern, global economy, and they are justifiably angry about it. Growing numbers of people feel our economic and political systems are rigged against them. And it’s no wonder why. Recent progress in low- and middle-income wage growth is a blip against decades of wage stagnation. Low unemployment ...
Protectionism is Failing and Wrongheaded: An Evaluation of the Post-2017 Shift toward Trade Wars and Industrial Policy
This paper evaluates the shift towards increasingly protectionist and nationalist policies carried out by the past two presidential administrations. In this paper, Michael Strain argues that the turn to such economic policies has not only been ineffective by its own standards, failing to raise employment and reduce America’s reliance on China, but also is more ...
Technological Disruption in the US Labor Market
DAVID DEMING, CHRISTOPHER ONG, LAWRENCE H. SUMMERS This paper explores past episodes of technological disruption in the US labor market, with the goal of learning lessons about the likely future impact of artificial intelligence (AI). The authors measure changes in the structure of the US labor market going back over a century in two ways. ...
The Surprising Resilience of Globalization: An Examination of Claims of Economic Fragmentation
This paper evaluates the current landscape of global trade and financial flows and proposes a set of reforms to support healthier forms of integration. Brad Setser finds that, despite the growing, bipartisan skepticism about the value of liberal trade, global economic integration remains surprisingly resilient. In fact, Setser argues, the immediate risk facing the global ...