A copy of this article that appeared in Fortune Magazine is here in an effort to consider how we might continue the conversation to fix what’s wrong. Go to Nolabels.org for more.
60 Ways to Fix the Economy
Since we launched in 2010, No Labels has had a distinct focus: Bringing America’s leaders together to solve big problems.
For the past two years, No Labels has worked diligently to create a playbook for our next president that represents both good politics and good policy.
Working with our pro-bono partner Deloitte Consulting, No Labels conducted almost 20 policy workshops featuring policy experts, former senior government and military officials, and business and community leaders from across the political spectrum. Along the way we researched, debated and discussed hundreds of discrete policy proposals in areas including tax, budget, health care, Social Security and Medicare, investment and innovation, energy, education and regulation.
If an idea was deemed good policy in our workshops, No Labels took it straight to the people, conducting national polling to survey the American people’s feelings on strategic choices facing the country.
The end result is the No Labels Policy Playbook For America’s Next President, featuring 60 ideas, the vast majority of which poll above 60% overall and at least 50% among Democrats, Republicans and independents.
All 60 ideas are designed to help America reach four national goals focused on job creation, balancing the budget, securing Social Security and Medicare and achieving energy security.
GOAL #1: Create 25 Million New Jobs in the Next 10 Years
The Great Recession of 2008-2009 was so deep and damaging that total employment in the U.S. did not return to its pre-recession peak until May 2014. The American job market is in better shape than people think, with the U.S. unemployment rate dipping below 5% in 2016 and wages growing at the fastest rate in six years. But our next president and Congress can’t get complacent because there are still far too many American families who don’t feel an economic recovery.
Solving this problem will require a more creative and flexible response from the U.S. government—one that focuses on reform of taxes, education, workforce development, regulations and our infrastructure.
The U.S. isn’t sufficiently preparing our students for the job opportunities of the present or the future. College educations are often unaffordable, inaccessible or incomplete for many students. And a number of problems, including lack of effective worker training and expensive childcare, are conspiring to prevent far too many Americans from getting in and staying in the workforce.
The policy ideas below are designed to address all of these issues.
America’s roads, bridges, public transportation systems and electric and broadband infrastructure are in increasingly poor condition. The immigration system, a key component of a healthy economy, is broken. And while most Americans agree we need common sense rules and regulations to protect citizens, preserve our environment and promote public safety, the U.S. regulatory system is increasingly complex and incomprehensible and the costs are adding up.
Here are our ideas for tackling these issues.
GOAL #2: Secure Social Security and Medicare for the Next 75 Years
Social Security and Medicare are true lifelines for tens of millions of Americans. But these lifelines are fraying. Social Security and Medicare are not sustainable on their current trajectories due to the retirement of the enormous Baby Boom generation, falling birth rates and rising health care spending.
There are no easy answers to this challenge. But securing Social Security and Medicare is not impossible. There are a number of relatively modest and gradual changes to how benefits are paid and how these programs are funded that can keep Social Security and Medicare secure.
GOAL #3: Balance the Federal Budget by 2030
If the money we spend as a nation consistently outpace the money we bring in, the burden of our increasing debt—including the interest we pay on it—will crush us.
America’s public debt-to-GDP ratio is around 74%. That’s higher than at any time in U.S. history, except for a short period after World War II, and more than double what it was in 2007. The budget trajectory we’re on is unsustainable and we ignore this warning at our peril. That’s why America’s leaders need to commit to balancing the federal budget by 2030.
GOAL #4: Make America Energy Secure by 2024
In a global economy, the U.S. can’t expect to completely insulate itself from energy markets. What we can do is focus on the priority that really matters, which is energy security.
No Labels defines energy security as freedom from harm to our economy or national security from the energy decisions of other countries or acts of nature.