Found 25 article(s) for author 'Jason Furman'

Jason Furman, Former Chairman of the Council of Economic Advisers, on the Economy

Jason Furman, Former Chairman of the Council of Economic Advisers, on the Economy. Jason Furman, September 24, 2019, Video, “Jason Furman, Former Chairman of the Council of Economic Advisers and Professor of the Practice of Economic Policy at Harvard Kennedy School, discusses the economy. He speaks with David Westin on “Bloomberg: Balance of Power.”Link

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The American Working Man Still Isn’t Working

The American Working Man Still Isn’t Working. Jason Furman, September 19, 2019, Opinion, “The United States is in the midst of its longest-ever economic recovery. It has been a slow climb out of the depths of the 2008–9 financial crisis, but the upward trend is now in its 11th year. American workers have seen 107 consecutive months of job growth, more than double the previous record, and the unemployment rate will soon reach its lowest level in over 50 years. However, there is one important economic indicator that still hasn’t rebounded to pre-crisis levels: the employment rate among prime-age men—that is, men between the ages of 25 and 54.Link

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‘Not much’: What macroeconomic data say about the impact of the Tax Cuts and Jobs Act

‘Not much’: What macroeconomic data say about the impact of the Tax Cuts and Jobs Act. Jason Furman, September 18, 2019, Opinion, “What does macroeconomic data since the passage of the Tax Cuts and Jobs Act of 2017 (TCJA) tell us about its impact on business investment and thus the future growth of the US economy? Not much. The first sense in which the data tell us “not much” is quite literal. The TCJA does not appear to have had nearly as much impact as many of its biggest cheerleaders expected and thought they saw in the data in the initial months after it passed. We now have six quarters of data since the law passed, and gross domestic product (GDP) has grown at an annualized rate of 2.5 percent in that period. That is a slight slowdown from the 2.6 percent annual rate in the six quarters leading up to the law’s passage, as shown in the chart below. This reflects the slowdown across consumption, business investment, and residential investment—which was only partly offset by the increase in government spending.Link

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Launch a Pre-Emptive Strike Against Recession

Launch a Pre-Emptive Strike Against Recession. Jason Furman, September 5, 2019, Opinion, “President Trump was right to set aside premature plans for fiscal stimulus last month. Based on the current economic situation, stimulus isn’t yet warranted—but it may be soon. Given the uncertainty, Congress should pass a law immediately that would automatically trigger stimulus if the labor market deteriorates, with unemployment rising rapidly. The package should include not only tax cuts but also relief for states, as well as extra…Link

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Trump Is Losing the Trade War With China

Trump Is Losing the Trade War With China. Jason Furman, August 19, 2019, Opinion, “President Trump’s China strategy is failing. His tougher approach has yielded no meaningful Chinese concessions but is increasingly damaging the U.S. economy. Today China is more integrated with the rest of the world while the U.S. is more isolated. To combat China’s unfair, statist economic practices effectively, the U.S. must change its approach, enlisting allies and international institutions to advance a more focused set of demands.Link

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Further Thinking on the Costs and Benefits of Deficits

Further Thinking on the Costs and Benefits of Deficits. Jason Furman, Lawrence Summers, April 22, 2019, Opinion, “In recent months the debate over the future of fiscal policy has intensified. For example, Olivier Blanchard, in his presidential address to the American Economic Association this year, highlighted the implications of the empirical fact of sustained low real interest rates for fiscal policy, and others have debated the purported changes in the nature of economic theory itself—most notably modern monetary theory (MMT). In January we made our own contribution to the fiscal policy debate in Foreign Affairs. We offer here our current perspectives on a number of issues that have emerged as most salient in the months of discussion since then.Link

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Unlocking digital competition, Report of the Digital Competition Expert Panel

Unlocking digital competition, Report of the Digital Competition Expert Panel. Jason Furman, March 2019, Paper, “This is the final report of the Digital Competition Expert Panel. Appointed by the Chancellor in 2018, and chaired by former Chief Economist to President Obama, Professor Jason Furman, the Panel makes recommendations for changes to the UK’s competition framework that are needed to face the economic challenges posed by digital markets, in the UK and internationally. Their report recommends updating the rules governing merger and antitrust enforcement, as well as proposing a bold set of pro-competition measures to open up digital markets.Link

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Economic Strategy for Higher Wages and Expanded Labor Participation

Economic Strategy for Higher Wages and Expanded Labor Participation. Jason Furman, Martin Feldstein, 2019, Paper, “We propose two alternative policy options for promoting increased earnings and employment of low-income households: expanding the Earned Income Tax Credit (EITC) among childless workers, and implementing a wage subsidy for low-income workers that would be administered through employers. The EITC is based on household income and administered as a tax credit, while the subsidy based on hourly wages would require no filing or administrative effort by workers. We compare and contrast the costs and benefits of these two approaches to raising wages. Our two policy options are meant as part of a response to the sluggish income growth at the bottom of the distribution over the past several decades.Link

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Who’s Afraid of Budget Deficits?

Who’s Afraid of Budget Deficits? Jason Furman, Lawrence Summers, January 27, 2019, Opinion, “The United States’ annual budget deficit is set to reach nearly $1 trillion this year, more than four percent of GDP and up from $585 billion in 2016. As a result of the continuing shortfall, over the next decade, the national debt—the total amount owed by the U.S. government—is projected to balloon from its current level of 78 percent of GDP to 105 percent of GDP. Such huge amounts of debt are unprecedented for the United States during a time of economic prosperity.Link

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