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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
Download Audio as MP3 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.
ARTHUR C. BROOKS, AEI
R. GLENN HUBBARD, Columbia University and AEI
DAVID LEONHARDT, New York Times
RAMESH PONNURU, National Review
CARMEN REINHART, Peterson Institute for International Economics
KEVIN A. HASSETT, AEI
Question and Answer
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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.
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.