How to Reclaim American Prosperity
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About This Event

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In his book Seeds of Destruction: Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity (FT Press, 2010), AEI scholar R. Glenn Hubbard, dean of Columbia Business School and a former chairman of Listen to Audio


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the President's Council of Economic Advisers, teams up with economics professor Peter Navarro to explain why the U.S. economy is in disarray and what can be done about it. Hubbard and Navarro identify the roots of the country's slowing growth and chart the specific, simple policies that could take the American economy to new levels. At this AEI event, Hubbard will present his detailed path to prosperity and will be joined in the discussion by David Leonhardt of the New York Times, Ramesh Ponnuru of National Review, and economist Carmen Reinhart of the Peterson Institute for International Economics. AEI director of economic policy studies Kevin A. Hassett will moderate.

Agenda

9:45 a.m.
Registration

10:00
Introduction:
ARTHUR C. BROOKS, AEI

10:05
Presentation:
R. GLENN HUBBARD, Columbia University and AEI

10:35
Discussants:
DAVID LEONHARDT, New York Times
RAMESH PONNURU, National Review
CARMEN REINHART, Peterson Institute for International Economics

Moderator:
KEVIN A. HASSETT, AEI

11:10
Question and Answer

11:30
Adjournment

Event Contact Information
Chad Hill
American Enterprise Institute
1150 Seventeenth Street, N.W.
Washington, DC 20036
Phone: 202-862-5862

 

Media Contact Information
Hampton Foushee
American Enterprise Institute
1150 Seventeenth Street, N.W.
Washington, DC 20036
Phone: 202-862-5806

 

Event Summary

WASHINGTON, NOVEMBER 29, 2010--The structural causes of our economic problems linger, even as we attempt to emerge from the financial crisis, panelists concluded at an American Enterprise Institute event Monday. These "seeds of destruction" impede growth and threaten the recovery. R. Glenn Hubbard, dean of the Columbia Business School and former chairman of the Council of Economic Advisers, presented the policy prescriptions for improving growth from his new book, Seeds of Destruction: Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity (FT Press, 2010), which he coauthored with Peter Navarro. Hubbard emphasized a need to focus on the long term over the short term and to enact policies that encourage investment rather than consumption. His recommendations covered a wide range of areas, including tax, social security, and energy policy and financial regulatory reform. Ramesh Ponnuru of National Review agreed with many of Mr. Hubbard's proposals but questioned the political feasibility of some, such as an oil price floor. Carmen Reinhart of the Peterson Institute for International Economics suggested that policymakers need to focus on the debt, which is higher than at any time since 1946.

--CHAD HILL

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Speaker biographies

Kevin A. Hassett is the director of economic policy studies and a senior fellow at AEI. Before joining AEI, he was a senior economist at the Board of Governors of the Federal Reserve System and an associate professor of economics and finance at the Graduate School of Business of Columbia University, as well as a policy consultant to the Treasury Department during the George H. W. Bush and Clinton administrations. He served as an economic adviser to the George W. Bush 2004 presidential campaign, chief economic adviser to Senator John McCain during the 2000 presidential primaries, and senior economic adviser to the McCain 2008 presidential campaign. Mr. Hassett writes a weekly column for Bloomberg.

R. Glenn Hubbard
is a coauthor of Seeds of Destruction: Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity (FT Press, 2010, with Peter Navarro). Mr. Hubbard is a former chairman of the President's Council of Economic Advisers and is currently the dean of Columbia Business School. He specializes in public and corporate finance, and financial markets and institutions. He has written more than ninety articles and books, including two textbooks, on corporate finance, investment decisions, banking, energy economics, and public policy. He has served as a deputy assistant secretary at the U.S. Treasury Department and consultant to the Federal Reserve Board and the Federal Reserve Bank of New York, among others.

David Leonhardt is an economics columnist for the New York Times. His column, Economics Scene, appears on Wednesdays. Mr. Leonhardt has been writing about economics for the Times since 2000 and has been a columnist since 2006. He was one of the writers who produced the paper's 2005 series on social class in the United States. He is also a staff writer for the New York Times Magazine and contributes to the Economix blog. Before joining the Times, Mr. Leonhardt worked for Business Week in Chicago and New York and for the metro desk of the Washington Post.

Ramesh Ponnuru is a senior editor for National Review, covering national politics. He has also written for the Wall Street Journal, the New York Times, the Financial Times, Newsday, the Washington Times, and other publications. He is the author of the monograph The Mystery of Japanese Growth (AEI/Centre for Policy Studies, 1995). Mr. Ponnuru has also been a fellow at the Institute of Economic Affairs in London and has appeared on various political programs on television and radio.

Carmen M. Reinhart is the coauthor of This Time Is Different: Eight Centuries of Financial Folly (Princeton University Press, 2009, with Kenneth S. Rogoff). Ms. Reinhart was recently appointed as the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics. She has been a professor of economics and director of the Center for International Economics at the University of Maryland since 1996. She was chief economist and vice president at the investment bank Bear Stearns in the 1980s and subsequently spent several years at the International Monetary Fund. Ms. Reinhart is a research associate at the National Bureau of Economic Research, a research fellow at the Centre for Economic Policy Research, and a member of the Council on Foreign Relations. She has written on a variety of topics in macroeconomics and international finance and trade in scholarly journals such as the American Economic Review, the Journal of Political Economy, and the Quarterly Journal of Economics.

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AEI Participants

 

Arthur C.
Brooks
  • Arthur C. Brooks is president of the American Enterprise Institute (AEI). He is also the Beth and Ravenel Curry Scholar in Free Enterprise at AEI.

    Immediately before joining AEI, Brooks was the Louis A. Bantle Professor of Business and Government at Syracuse University, where he taught economics and social entrepreneurship.

    Brooks is the author of 10 books and hundreds of articles on topics including the role of government, fairness, economic opportunity, happiness, and the morality of free enterprise. His latest book, “The Road to Freedom: How to Win the Fight for Free Enterprise” (2012) was a New York Times bestseller. Among his earlier books are “Gross National Happiness” (2008), “Social Entrepreneurship” (2008), and “Who Really Cares” (2006). Before pursuing his work in public policy, Brooks spent 12 years as a classical musician in the United States and Spain.

    Brooks is a frequent guest on national television and radio talk shows and has been published widely in publications including The New York Times, The Wall Street Journal, and The Washington Post.

    Brooks has a Ph.D. and an M.Phil. in policy analysis from RAND Graduate School. He also holds an M.A. in economics from Florida Atlantic University and a B.A. in economics from Thomas Edison State College.


    Follow Arthur Brooks on Twitter.

  • Assistant Info

    Name: Danielle Duncan
    Phone: 202.419.5213
    Email: danielle.duncan@aei.org

 

Kevin A.
Hassett
  • Kevin A. Hassett is the State Farm James Q. Wilson Chair in American Politics and Culture at the American Enterprise Institute (AEI). He is also a resident scholar and AEI's director of economic policy studies.



    Before joining AEI, Hassett was a senior economist at the Board of Governors of the Federal Reserve System and an associate professor of economics and finance at Columbia (University) Business School. He served as a policy consultant to the US Department of the Treasury during the George H. W. Bush and Bill Clinton administrations.

    Hassett has also been an economic adviser to presidential candidates since 2000, when he became the chief economic adviser to Senator John McCain during that year's presidential primaries. He served as an economic adviser to the George W. Bush 2004 presidential campaign, a senior economic adviser to the McCain 2008 presidential campaign, and an economic adviser to the Mitt Romney 2012 presidential campaign.

    Hassett is the author or editor of many books, among them "Rethinking Competitiveness" (2012), "Toward Fundamental Tax Reform" (2005), "Bubbleology: The New Science of Stock Market Winners and Losers" (2002), and "Inequality and Tax Policy" (2001). He is also a columnist for National Review and has written for Bloomberg.

    Hassett frequently appears on Bloomberg radio and TV, CNBC, CNN, Fox News Channel, NPR, and "PBS NewsHour," among others. He is also often quoted by, and his opinion pieces have been published in, the Los Angeles Times, The New York Times, The Wall Street Journal, and The Washington Post.

    Hassett has a Ph.D. in economics from the University of Pennsylvania and a B.A. in economics from Swarthmore College.

  • Phone: 202-862-7157
    Email: khassett@aei.org
  • Assistant Info

    Name: Emma Bennett
    Phone: 202-862-5862
    Email: emma.bennett@aei.org

 

R. Glenn
Hubbard
  • Glenn Hubbard, a former chairman of the President's Council of Economic Advisers, is currently the dean of Columbia Business School. He specializes in public and corporate finance and financial markets and institutions. He has written more than ninety articles and books, including two textbooks, on corporate finance, investment decisions, banking, energy economics, and public policy. He has served as a deputy assistant secretary at the U.S. Treasury Department and as a consultant to, among others, the Federal Reserve Board and the Federal Reserve Bank of New York.
  • Assistant Info

    Name: Brittany Pineros
    Email: brittany.pineros@aei.org
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