This morning, Advisory Council member Lawrence Summers testified before the Senate Budget Committee on the impact of austerity on the U.S. economy and the budget. During the hearing, Summers testified that more austerity measures shouldn’t be pursued in the short run, noting that “Excessively rapid fiscal consolidation in an economy that is still constrained by lack of demand, and where space for monetary policy action is limited, risks slowing economic expansion at best and halting recovery at worst.” To read his prepared remarks, click here.
The Hamilton Project Blog
In his latest Financial Times column, Advisory Council member Lawrence Summers discusses the ongoing debate around austerity. Summers discusses an analysis that “contractionary fiscal policies might actually increase debt burdens because of their negative economic impacts”and argues that in order to move forward, lawmakers will need to focus on policies that can best support sustained economic growth. To read the full piece, click here.
A recent segment on “CBS Evening News” featured Hamilton Project data on the median incomes of American men and women. In the piece, correspondent Anthony Mason discusses findings that indicate the median incomes of men have stagnated for the past 40 years, while women’s earnings increased. To watch the segment, click here.
In her latest Project Syndicate column, Advisory Council member Laura D’Andrea Tyson discusses the nation’s retirement system. Tyson highlights policies that would make saving easier and more financially rewarding, including better-targeted tax incentives, matching government contributions and state-wide retirement plans. In a recent, Hamilton Project paper, “Better Ways to Promote Saving through the Tax System” Karen Dynan explores the design of government incentives for personal savings, outlining how reforms to these programs would improve saving and economic security for low-income households and reduce expensive and ineffective federal subsidies for high-income households.
In his latest column for Bloomberg View, Advisory Council member Peter Orszag discusses the link between the unemployment rate and life expectancy. He highlights estimates that indicate for each percentage-point the unemployment rate increases, the mortality rate falls by 0.3 percentage point. He writes that “the evidence suggests that a combination of forces contribute to the increase in life expectancy during times of higher unemployment: Motor vehicle deaths decline, people tend to avoid unhealthy behavior, air pollution is diminished, and nursing home staffing improves.” To read the full piece, click here.
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- ECB is right to ask for more eurozone actionAugust 2012