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Faster growth and greater fiscal responsibility are possible

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  • Glenn Hubbard

    (Columbia University Business School)

Abstract

The growth in spending on entitlement programs has left the United States in a fiscally untenable position. Putting the country on more stable fiscal footing requires a two-pronged approach designed to constrain the growth in spending and to spur economic growth. There are ample opportunities to reduce spending while maintaining or improving current levels of government service by implementing progressive entitlement reform reducing regulatory burdens or improving efficiency in healthcare provision through market-based reform. Achieving higher economic growth is similarly possible, but will require real tax reform geared toward unlocking capital for investment, as well as immigration reform and greater support for work for low-income Americans.

Suggested Citation

  • Glenn Hubbard, 2017. "Faster growth and greater fiscal responsibility are possible," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 52(3), pages 154-157, July.
    • Handle: RePEc:pal:buseco:v:52:y:2017:i:3:d:10.1057_s11369-017-0044-2
    DOI: 10.1057/s11369-017-0044-2
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    References listed on IDEAS

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    1. Douglas W. Elmendorf, 2017. "Federal policy and economic growth," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 52(3), pages 149-153, July.
    2. Flaviane Souza Santiago & Mônica Viegas Andrade & Edson Paulo Domingues & Geoffrey J.D. Hewings, 2016. "Age Structure And Household Consumption In Brazil," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 210, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
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