The Way Forward: Moving From The Post-Bubble, Post-Bust Economy To Renewed Growth And Competitiveness

Posted on November 2, 2011. Filed under: Uncategorized |

By Daniel Alpert

I am pleased to share with you the news that, together with Robert Hockett of Cornell University Law School, and the inimitable Nouriel Roubini of New York University and Roubini Global Economics, I have authored what I hope will be viewed as a significant new white paper on behalf of the Washington, D.C think-tank, The New America Foundation (www.newamerica.net). The paper is entitled “The Way Forward: Moving from the Post-Bubble, Post-Bust Economy to Renewed Growth and Competitiveness.”

Our paper, and its official release, is the subject of a column by Joe Nocera on the op-ed page of the New York Times, and can be found in it’s entirely on the New America Foundation web site.

“The Way Forward” has been authored for New America’s Economic Growth Program/World Economic Roundtable to provide policy makers, political leaders, members of the media and business sectors, and the general public with:

(i) a thorough overview of the still underappreciated reasons why the great credit bubble of the previous decade has proved so extraordinarily harmful – in particular, by virtue of its occurring against a background of ongoing “supply shock” taking the form of excess global labor, productive capacity, and capital, all stemming from the emergence of post-socialist countries whose populations dwarf those of the developed world with which they now compete;

(ii) a review of why policy responses to date, in ignoring the aforementioned supply shock as they do, have failed to resolve U.S. domestic economic troubles and, moreover, global economic imbalances that act as an obstacle to renewed growth and competiveness in the U.S.;

(iii) a critical appraisal and rejection of the most widely cited policy alternatives that have lately been under consideration in major government circles, which also ignore the supply shock, and the reasons why they would prove ineffective or even damaging;

(iv) a concise but thorough elaboration of the criteria that any successful post-bubble, post-bust recovery program must meet; and

(v) most importantly, a three-pillared recovery plan, informed by the mentioned criteria, designed by the authors to address the major challenges facing the U.S. and the world, including:

a.   a major U.S. re-employment program that goes far beyond what is currently being considered in Washington;
b.   a plan that aggressively addresses the household debt overhang and ongoing debt-deflationary pressures; and
c.   detailed proposals for international action aimed at the successful resolution of chronic global economic imbalances that    stand in the way of renewed growth in, and the competitiveness of, the U.S. and other nations in the developed world.

The Way Forward” has been formally offered at a meeting of New America’s World Economic Roundtable, and a subsequent dinner with the authors, in New York. It will also be presented in Washington, D.C. over the coming weeks.

# # # # #

The New America Foundation is a nonprofit, nonpartisan public policy institute that invests in new thinkers and new ideas to address the next generation of challenges facing the United States.

New America emphasizes work that is responsive to the changing conditions and problems of our 21st Century information-age economy — an era shaped by transforming innovation and wealth creation, but also by shortened job tenures, longer life spans, mobile capital, financial imbalances and rising inequality.

Launched in 1999, the foundation was guided through a period of rapid growth by founding president Ted Halstead. The institute is now led by President Steve Coll and an outstanding Board of Directors, chaired by Eric Schmidt. New America is headquartered in Washington D.C.

Daniel Alpert
Managing Partner
Westwood Capital, LLC and affiliates

Turner GPA is one of the premier, highly respected government and public affairs firms in the nation. Turner’s state-of-the-art advocacy has earned them respect and acclaim from the media, clients, policymakers and even their competitors! Turner advocates on behalf of cutting edge businesses, municipalities, and non-profits that wish to ensure their perspectives and needs are taken into account in Washington, in state capitols and in City Hall, as well as in the media. The firm creates and implements intensely focused and targeted advocacy campaigns designed to meet and exceed its client’s expectations and goals. For more information on Turner GPA, visit http://www.turnergpa.com or call 202-466-2511.

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