Glenn Hubbard, dean of the Columbia Business School, adviser to Bush I and II, and co-author with Tim Kane, of Balance: The Economics of Great Powers from Ancient Rome to Modern America (Simon & Schuster, 2013), says economic imbalance led to the downfall of past empires and warns that a similar fate is in store for the U.S. if the political stalemate over budget deficits and entitlements continues.
There are likely many images that spring to mind when considering the "fiscal cliff," but for the dean of Columbia Business School, Glenn Hubbard, the looming austerity crisis brings back memories of summer vacations in Ogunquit, Maine: a scenic coastal walk along a narrow path on a cliff. Hubbard says there is a safe way down the rocky path to reach the beach below, but you just need to find the right way to get there. Hubbard was chairman of the Council of Economic Advisers under President George W. Bush. He explains why our system was set up to create a "fiscal cliff" in the first place.
Glenn Hubbard, dean of the Columbia Business School, Mitt Romney economic advisor and author of Seeds of Destruction: Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity, weighs in on inequality, taxation and the Citigroup shareholder vote.
Early next month President Obama will offer a plan intended to spur the U.S. economy, with a focus on job creation and deficit reduction. Some of its proposals have been made clear: he intends to continue a two-percent payroll tax cut for workers and renew unemployment benefits. But what else might be in there? And, for that matter, what should be in there?
For me, the issue is less whether the top one percent are doing well, but why we can't help the broad middle do better. I think we can. It starts with an improved education system, one with much more support for training for individuals between jobs, and it starts with a system that's less biased against saving and investment that could lead to more capital and higher productivity.
— Glenn Hubbard, dean of the Columbia Business School, offering a different take on the question of wealth inquality on The Brian Lehrer Show
Glenn Hubbard, dean of the Columbia Business School and member of the Bush administration's economic team, and Peter Navarro, CNBC contributor and business professor at UC Irvine, discuss their new book Seeds of Destruction: Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity, in which they offer their views on saving the economy.