Lessons from COVID-19 Aid to State and Local Governments for the Design of Federal Automatic Stabilizers
In this paper Clemens and Veuger analyze pandemic-era federal fiscal assistance to state and local governments and draw lessons for the design of stabilization policy. They start by explaining why the federal government plays a key role in stabilizing state and local government budgets across the business cycle, before describing the shape this role currently ...
IN BRIEF: The Wide Class Divide in Family Structure
BRIEFLY: Children in the US are far less likely to be raised in two-parent families today than they were in prior decades, a shift Aspen Economic Strategy Group (AESG) director Melissa Kearney explores in her new book, The Two-Parent Privilege. US children are now more likely than those in any other country to live in ...
Washington Post Op-Ed: What a successful economic recovery plan must look like
It was good news that the economy added 2.5 million jobs last month. But we are still only one-tenth of the way to repairing the massive labor market damage caused by the novel coronavirus. The job growth was bolstered by massive governmental intervention, and most of the fiscal policies are coming to an end. In order to protect ...
Improving Housing Affordability
Housing affordability in the United States has become a major challenge for Americans and a key policy priority for US policymakers. In this paper, Benjamin Keys and Vincent Reina assess the drivers of the housing affordability challenge, concluding that inadequate supply, barriers to homeownership such as tight credit standards, and the lack of a meaningful ...
Aspen Economic Strategy Group Reports related to Affordability
Policymakers across the political spectrum – and at the federal, state, and local levels – are increasingly focused on improving “affordability” for Americans. The Aspen Economic Strategy Group has released a series of reports that speak directly to this challenge. Below, we highlight five AESG reports that offer evidence-based insights into how policy can strengthen ...
Three Takeaways from the Census Bureau’s New Population Estimates
Last week, the US Census Bureau released new estimates of the US population over the past five years. Overall, the US population rose by 0.5 percent (by 1.8 million) from mid-2024 to mid-2025, a sharp slowdown from the prior 12 months, when the population grew at double that rate at 1.0 percent. Below, I highlight ...
Implications of Low Fertility and Declining Populations for the Operations of US State and Local Governments
Roughly half of US counties lost population between 2010 and 2020, a trend driven overwhelmingly by declining fertility rather than changes in migration. Looking ahead, the Congressional Budget Office forecasts that the number of births will first exceed the number of deaths nationwide in 2033. Even under optimistic immigration assumptions, U.S. population growth will stagnate ...
Introduction: Demographic Headwinds: The Economic Consequences of Lower Birth Rates and Longer Lives
The United States is in the midst of a consequential demographic transition, marked by the dual trends of a sustained decline in the country’s birth rate and a rise in life expectancy. Following the mid-twentieth-century Baby Boom and its subsequent reversal, the US general fertility rate held roughly steady for several decades at around 65 ...
Demographic Headwinds: The Economic Consequences of Lower Birth Rates and Longer Lives
The United States is experiencing a significant demographic shift as fertility decreases and the nation’s aging population grows. The AESG’s latest series, Demographic Headwinds: The Economic Consequences of Lower Birth Rates and Longer Lives, considers the long-term economic impact posed by the country’s falling birth rate and aging population, including the effects on the US labor ...