AESG co-chairs Hank Paulson and Erskine Bowles introduce the group's 2020 policy volume. The American economy is in the midst of a wrenching crisis, one caused by the COVID-19 pandemic, intensified by the worst social unrest in a generation, and aggravated further by a series of climate-driven natural disasters.
We, the undersigned members of the AESG, have collectively worked at the highest levels of the policy, business, government, academic, and civic communities. We believe that our nation’s economic policies need to be adjusted so that more people participate more fully in our economic success.
The Biden Administration’s American Jobs Plan and American Families Plan propose over $4.1 trillion in new government spending over the next 10 years, aiming to fundamentally reshape and expand the social safety net, increase the economy’s productive potential through investments in physical and human capital, and make major public investments in green infrastructure and technology. […]
The U.S. economy in recent years has been characterized by slow average productivity growth and increasing productivity dispersion within industries. In this essay, author Chad Syverson discusses research into the potential causes of these patterns and outlines several policy changes that would yield expected productivity and wage benefits under general conditions.
The Economic Strategy Group's third annual policy volume focuses on the economics of the middle class, geographic disparities in economic opportunity, and U.S. policy options to address climate change.
The United States faces the challenge of dramatically reducing carbon emissions while simultaneously ensuring the reliable supply of on-demand energy services that its residents have come to expect. Federal policy will be instrumental in driving investments in energy infrastructure that will be required to transition the U.S. energy supply to zero-emissions sources. This paper discusses […]
Gale argues that although historically low interest rates reduce the cost of government borrowing, they are not a "get out of jail free card." Rising debt will slowly but surely make it harder to grow the economy, boost living standards, respond to wars or recessions, address social needs, and maintain the nation’s role as a global leader.
David Keith (Harvard) and John Deutch (MIT) discuss mechanisms to manage climate risks, which they call the climate control mechanisms: emissions reduction, carbon dioxide removal (CDR), adaptation, and solar radiation modification (SRM).
Timothy Bartik of the W.E. UpJohn Institute argues that large and persistent differences in employment rates across U.S. places highlight the need for local economic development policies to better promote cost-effective job creation in distressed areas.