As the battle over taxes, spending ,and sequestration rages in Washington, D.C., one answer to our mounting debt problems rarely gets a mention. Journalist David Leonhardt explains in his new book, Here’s the Deal: “A strong economy can outgrow its debt.” He suggests a number of ways we could accomplish that—not least, greater immigration to increase the number of taxpayers. That’s why, if it passes, comprehensive immigration reform is likely to be the most important piece of debt-reduction legislation of the year.
There’s another step Congress could take that would have as big an impact on long-term growth as letting in more foreign workers: an overhaul of America’s chronically excessive intellectual property laws.
Source: Bloomberg Businessweek. Read full article. (link)