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Nation’s Top Challenge: Beating Slow Growth, Flat Incomes

chartBy Larry Kudlow, Arthur Laffer, and Stephen Moore

From Investor’s Business Daily,

“The current economic recovery is still roughly $2 trillion below where it would be if we had had a 1980s-style Reagan recovery. End of argument.

Almost all of our current economic ills — the debt and deficit, poverty, a record fall in the labor force participation rate, government dependency, the insolvency of Social Security, and so on — can be at least partially traced to anemic growth.

That is why restoring prosperity has to be the overriding goal of the next president. This is the opinion of the vast majority of voters. America needs jobs and workers deserve a pay raise.

We reject the left’s idea that ‘secular stagnation’ is here to stay — as many government and private-sector economic pundits have stated. There has been no proclamation from God that the U.S. economy can’t grow faster than 2% long term.

The long-term growth rate of roughly 3.5% that the U.S. enjoyed from the Kennedy through Clinton eras is easily attainable with the right policy strategies, and in this digital age 4% growth should be the goal. By the way, that would generate nearly $2 trillion more tax revenue over the next decade.”

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