By Justin Maiman
America has a long tradition of embracing thrift. It’s been drilled into generation after generation as a sign of high moral standing. But could excessive and ongoing government-backed thriftiness (here and around the world) be pushing the economy into a sinkhole?
Glenn Hubbard doesn’t think so. The former chairman of George W. Bush’s Council of Economic Advisers thinks entitlements like Social Security and Medicare are to blame and are the root of the biggest problems facing America today.
Hubbard, who is also the Dean of Columbia Business School, says debt elbows out everything else that government does—except entitlements—and in the process strangles growth. So what can be done about it? He lays out a plan during an interview with Aaron Task on The Daily Ticker as he makes the rounds promoting a new book, co-authored with Tim Kane, called “Balance: The Economics of Great Powers fromRead More »from Can Glenn Hubbard Put the Thrifty Back into the Economy?