An exploration of the ambitious goal of sustainable GDP growth of 4%
The United States is reaching a pivotal point in its economic history. Millions of Americans owe more on their homes than they are worth, long-term unemployment is alarmingly high, and the Congressional Budget Office is projecting a sustainable growth rate of only 2.3%—a full percentage point below the average for the past sixty years. Unless a turnaround comes quickly, the United States could be mired in debt for years to come and millions of Americans will be pushed to the sidelines of the economy.
The 4% Solution offers clear and unflinching ideas on how to revive America’s economy. It sets a positive economic goal and asks some of the top economic minds on how to achieve it. With a focus on removing government constraints, The 4% Solution defines the policies that will allow Americans to save, invest, and create the jobs that the United States needs.
The 4% Solution draws on the best minds in the business, including Nobel laureates and other leading thinkers:
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- Robert Lucas on the history and future of economic growth.
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- Edward Prescott on how government spending programs can hurt the economy.
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- Myron Scholes on why innovation is crucial.
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- Gary Becker on why our economy will continue to need immigrants.
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- Vernon Smith and Steven Gjerstad on how the housing market impacts the broader economy.
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- Amity Shlaes on growth lessons from President Calvin Coolidge.
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- Steven Hayward and Kenneth Green on how the U.S.’s own energy reserves can ignite an economic boom.
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- Kevin Hassett on spending, taxes and a roadmap to 4% growth.
