American capitalism is at a serious inflection point. Many Americans, including the two of us, are alarmed by enormous levels of inequality and by declining economic mobility. We are concerned that in many cases American markets are no longer the most competitive in the world. And, we worry that our country’s long-term economic strength will slowly deteriorate because of an unsustainable fiscal trajectory that leaves future generations worse off.
A national debate about the strength and fairness of American capitalism is taking place against a backdrop of vast levels of income and wealth inequality, growing pessimism about the state of economic opportunity and mobility, increased market concentration in many sectors, and a precarious fiscal situation.
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.
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.
Bipartisan support in Congress is emerging for new strategic investments in science and technology, in addition to a trillion-dollar infrastructure deal. These proposals reflect an emerging consensus that large-scale government investments are necessary to support the US economy’s transition to sustainable energy sources, address underlying sources of domestic inequality, and promote American economic competitiveness. In […]
MAYA MACGUINEAS is the president of the bipartisan Committee for a Responsible Federal Budget. Her areas of expertise include budget, tax, and economic policy. As a leading budget expert for the past twenty years and a political independent, she has worked closely with members of both parties and serves as a trusted resource on Capitol […]
PAUL RYAN was the 54th Speaker of the U.S. House of Representatives. In office from October 2015 to January 2019, he was the youngest speaker in nearly 150 years. During his tenure as Speaker, Ryan spearheaded efforts to reform our nation’s tax code, rebuild our national defense, expand domestic energy production, combat the opioid epidemic, […]
DAVID COTE is the author of Winning Now, Winning Later and former Chairman and CEO of Honeywell. He was elected president, CEO, and a member of Honeywell’s Board in February 2002, and named chairman of the Board on July 1, 2002. Cote was elected to the Federal Reserve Bank of New York in March 2014 […]
RAY DALIO is the founder, Co-CIO and Co-Chairman of Bridgewater Associates, a global macroeconomic investment management firm and the largest hedge fund in the world. A global macro investor for more than 50 years, Ray started Bridgewater out of his two-bedroom apartment in NYC and ran it for most of its 45 years. He is […]