Washington, DC--America's economy is in serious trouble, and it will take more
than the standard countercyclical measures to fix it. The nation today is mired
in a post-bubble economy, and needs a bold and optimistic economic recovery
plan that goes beyond conventional thinking. This new proposal from the New America Foundation offers exactly that.
In "An Economic Recovery Program for the Post-Bubble Economy"
-- the first proposal in New America's new Big Ideas series -- Bernard L.
Schwartz and Sherle R. Schwenninger warn of the dangers of misreading the
current slowdown, and map out a plan for harnessing the U.S. economy to the two
most important new growth drivers: public infrastructure investment and rising
global demand for efficiency-enhancing technology.
Mr. Schwenninger, directs New America's Economic Growth Program. Mr. Schwartz,
a member of the New America board of directors, is the former chairman and CEO
of Loral Space & Communications, Ltd.
The full text of their proposal -- along with supporting data and a video
overview -- can be found at www.newamerica.net/bigideas.
Highlights from their proposal, as articulated by Mr. Schwenninger in the
most promising two new areas of economic growth are America's enormous public
investment infrastructure needs, and the increased global demand for American
technology, created by the drive for greater efficiency by economies around the
investment is the single best way to stimulate the economy in the short term,
and to make it more productive, more efficient in the long term. Infrastructure
investment not only creates jobs but also provides additional demand for materials
and services throughout the economy."
ensure continued funding of public infrastructure investment over the next
decade, we recommend that the new administration move quickly to adopt a
national infrastructure bank, as proposed by Senators Christopher Dodd and
given the magnitude of the housing and credit bubble, a massive public
infrastructure investment alone may not be enough to offset consumer weakness
and jumpstart new business investment. Rising exports of American goods and
services. . . therefore must be a second pillar of an economic growth recovery
are both political and economic reasons for large surplus economies to shift
their economic policy toward more balanced economic growth in the near term.
The next administration needs to do a better job of sending the message to
large current-account-surplus economies, including the advanced economies of Japan and Germany, that they need to do more
to generate their own demand."
Mr. Schwenninger is also available for interviews and media appearances; he is
based in the New York City
area. To make arrangements with Mr. Schwenninger, please contact Erin Drankoski
at the New America Foundation --
call 202-997-8727 or e-mail firstname.lastname@example.org. To contact Mr. Schwartz,
please call Jeanette Clonan at 212-488-5308, or e-mail email@example.com.
R. Schwenninger's bio: www.newamerica.net/people/sherle_r_schwenninger
L. Schwartz's bio: www.newamerica.net/people/bernard_l_schwartz
Growth Program Overview: www.newamerica.net/search/node/Economic+Growth
The New America Foundation is a
nonprofit public policy institute whose purpose is to bring exceptionally promising
new voices and new ideas to the fore of American public discourse. Relying upon
a venture capital approach, the Foundation invests in outstanding individuals
and policy solutions that transcend the conventional political spectrum.
Headquartered in Washington D.C.,
New America also has offices in California.