In this chapter, author Robert Lerman argues that a large-scale apprenticeship program could address these challenges, while also yielding substantial additional gains for employers and the U.S. economy. He first reviews the evidence on apprenticeship, which suggests that increasing the availability of apprenticeships would increase youth employment and wages, improve workers’ transitions from school to careers, upgrade those skills that employers most value, broaden access to rewarding careers, increase economic productivity, and contribute to positive returns for employers and workers.
The pursuit of economic opportunity for all Americans is as important to the health of the country’s economy as it is to the strength of its democracy. The promise that hard work and determination will yield economic success is a central American ideal, but it has been called into question as secular economic forces and institutional changes have reshaped the American economy and had an uneven impact on Americans’ ability to prosper.
This proposal recognizes the simultaneous need for more college educated workers and also for a higher level of labor market skill among non-college educated individuals. The authors propose to invest in the upskilling of the American workplace by better leveraging the potential of the community college sector.
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.
Van Reenen argues the U.S. should pursue a robust innovation policy composed of tax credits, direct subsidies, and human capital investments, which have been shown to spur innovation and wage growth. He proposes combining these approaches into a 10-year $1 trillion Grand Innovation Challenge, which would reinvigorate R&D investment, promote American technological leadership, and advance policy goals of inclusive growth.
Kearney and Mogstad argue that, in practice, a UBI would be an extremely expensive, inefficiently targeted, and potentially harmful policy that would solve none of the economic challenges it purports to address.
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).