The 4% Solution
Unleashing the Economic Growth America Needs
Publication Date: July 17, 2012
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Foreword by President George W. Bush
With contributions from world renowned economists and Nobel prizewinners, The 4% Solution is a blueprint for restoring America’s economic health
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 five Nobel laureates:
· Robert E. Lucas, Jr., on the history and future of economic growth
· Gary S. Becker on why we need immigrants in order to grow
· Edward Prescott on the cost (to growth) of the welfare state
· Vernon Smith on why housing leads us into and out of recessions
· Myron Scholes on why we need to innovate in order to grow the economy
The George W. Bush Institute is the policy research arm of the Bush Presidential Center and Library in Dallas, Texas.