The following testimony was given to the U.S. Senate Committee on the Budget on September 20, 2023. Video of the hearing is available here.
Thank you to Chairman Whitehouse, Ranking Member Grassley, and Members of the Committee for inviting me to testify at this important hearing today. I am honored to appear before the Committee to discuss ways that social investments can work towards the dual goals of reducing inequality while strengthening America’s economic future.
My testimony today will focus on policy strategies to promote sustained long-term economic growth. In particular, I will discuss a new perspective on growth termed “Modern Supply Side Economics,” which was introduced by Treasury Secretary Janet Yellen in a virtual keynote address to the World Economic Forum in January 2022. The primary goal of this testimony is to advance and elaborate on key elements of Modern Supply Side Economics, laying out six principal pillars of the strategy. At times, my testimony will compare Modern Supply Side Economics to the more-established growth theory colloquially known as supply side economics—which I will refer to as “Traditional Supply Side Economics” to distinguish the two growth theories.
Read the full testimony here.
Acknowledgements and disclosures
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