Mitt Romney’s selection of Paul Ryan as his running mate throws into stark contrast two antithetical approaches to sustained economic and employment growth: ‘austerity economics versus prosperity economics.”
The austerity camp maintains that spending and deficits are the greatest threat to an economy, that is slashing non-military spending, getting government out of the way and giving business free rein will produce growth, while gains at the top drive gains for everyone else (classic Econ 101 trickledown economics). The proponents of the prosperity-for-all model argue that growth doesn’t trickle down, it bubbles up from the dispersed innovation and productive capacity of the entire economy and that government has a crucial, indeed essential, role in fostering that innovation and capacity.
This is not just a U.S. debate. The same argument is raging throughout Europe personified by German Chancellor Angela Merkel on the austerity side and the new French President, François Hollande, with his slogan "le changement, c'est maintenant."
Nate Loewentheil, will discuss his paper Prosperity Economics: Building an Economy for All, just released by the Economic Policy Institute. Loewentheil and co-author Professor Jacob Hacker of Yale lay out a new vision for the U.S. economy based three pillars: economic growth, economic security and democratic voice, Democratic voice, inclusivity and accountability. They conclude that the only way we can strengthen our economy now and for the future is by investing in our society to create greater health, broader security, increased equality of opportunity and more broadly distributed wealth. And they call for "immediate action to jump-start our sagging economy" by spending on infrastructure, schools and the other underpinnings of the economy that have been allowed to decay through years of disinvestment at both the federal and state levels.
Charles Kolb is just back from a trip to France and consultations with leaders, policy makers and professionals on how to cure Europe’s economic stagnation, intractable unemployment and public/private debt crises. As former President of the Committee for Economic Development (CED), an independent, nonpartisan organization of over 200 business and education leaders that promotes sound macroeconomic policy affecting the US economy, he share his perspective the merits (and demerits) of austerity versus prosperity economics on both sides of the Atlantic.
Charles Kolb became President of the French-American Foundation-U.S. on July 1. With its sister foundation in France, the French-American Foundation—United States is the only non-governmental organization in the United States dedicated specifically to strengthening the relationship between the two countries. Prior to joining CED in 1997, Kolb served as General Counsel of United Way of America from l992. He held several senior-level U.S. government positions, including Deputy Assistant to the President for Domestic Policy (George H. Bush, 1990-1992).
Nate Loewentheil is founder and executive director of the Roosevelt Institution, a national student organization with 75 campus chapters and 7,000 members. Loewentheil sits on the Board of Directors of the College Democrats of America Alumni Association and of the Elmseed Enterprise Fund, as well as on the advisory boards of the New Leaders Council and the Drum Major Institute. He's published with the Center for American Progress and in the Review of Policy Research, and contributes to the Huffington Post. He recently co-edited his first book, Thinking Big: Progressive Ideas for a New Era.
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ABOUT Té Revesz and GlobalReach:
Té Revesz is known for her ability to conduct strategic research on a global basis and for her creativity in handling complex business challenges. As principal of GlobalReach-SBI (www.globalreach-sbi.com), a research and consulting firm with a network spanning over 60 countries, Té provides clients with strategic business intelligence on market opportunities and risks. She covers such diverse areas as global branding, new product development, payments and financial services, manufacturing, clinical trials, and political risk. An expert in primary research, Té has interviewed business, government and labor leaders, doctors and technical experts — and has managed focus groups — around the world. She was profiled in Super Searchers Go to the Source as one of the top interviewers in the U.S. Prior to founding her own firm, Té headed the Industrial & Healthcare Practices of FIND's Strategic Consulting & Research Group and taught at the Zicklin School of Business (Baruch/CUNY). She was the Editor of Business International’s eponymous flagship newsletter and helped create its country risk service.
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