Brookings: Experts - Gary Burtless

Counting the Jobs Produced by the Stimulus

Mon, 09 Nov 2009 00:00:00 GMT

When the stimulus package was enacted last winter, the Obama administration said its goal was to create or save 3.5 million jobs by the end of 2010. Gary Burtless analyzes how closely the administration is coming to achieving that goal so far. He finds that, on the whole, recent reports have understated the net effect of the stimulus program on overall employment by not taking into account the indirect effects of the stimulus on consumer spending and employment.

New Unemployment and Productivity Numbers are Bad News for Job Seekers

Fri, 06 Nov 2009 00:00:00 GMT

The latest employment and unemployment statistics confirm that, at least in the job market, this is the worst economic downturn since the Great Depression, says Gary Burtless. These jobs numbers followed on the heels on new stronger productivity numbers, showing truly bad news for job seekers.

Tax Cuts for New Hires: Not Yet Ready for Prime Time

Fri, 16 Oct 2009 00:00:00 GMT

Gary Burtless addresses the idea of a tax credit for job creation, concluding that although the idea is attractive, it is not one that has a conspicuous record of success. The closest analogy to the kind of job creation tax incentive now under discussion is the 1970s era New Jobs Tax Credit, which demonstrated that creating a well designed subsidy is difficult if not impossible.

Too Big to Fail: “Systemic Importance” and Moral Hazard

Wed, 30 Sep 2009 00:00:00 GMT

Gary Burtless examines the events of the past eighteen months and concludes that the status quo poses great risk to the U.S. finanical system and thus the current regulatory regime cannot be left unchanged.

Unemployment Insurance for the Great Recession

Tue, 15 Sep 2009 00:00:00 GMT

During testimony before the U.S. Senate Committee on Finance, Gary Burtless stated that the basic system of financing unemployment insurance is scandalously out of date and recommended that Congress consider a basic overhaul of the system.

The Current Health of Financial Market Reform

Mon, 14 Sep 2009 00:00:00 GMT

Gary Burtless examines the current state of financial market reform and addresses the importance of a complete overhaul of the financial regulation system in the United States, observing that if the rules of the financial game are not changed by government policymakers, private decision-makers are likely to resume the same bad behavior that gave us last year’s crisis.

The 2008 Statistics on Income, Poverty, and Health Insurance Coverage

Thu, 10 Sep 2009 00:00:00 GMT

On September 10, the day the U.S. Census Bureau released its annual poverty report, Gary Burtless addressed the seventh annual the Brookings Center on Children and Families briefing and discussed the new figures and their implications for families and policymakers.

The Deficit Threat and the Recovery

Mon, 17 Aug 2009 00:00:00 GMT

The federal deficit represents a serious long-term problem. According to Gary Burtless, it is not, however, a threat to our economic recovery, nor will it be a threat anytime soon. Our near-term problem is weakness in private demand rather than excess government borrowing.

Have the Stimulus Programs Failed?

Tue, 04 Aug 2009 00:00:00 GMT

Critics of the government’s stimulus policies claim the surge in personal saving shows the stimulus has not been effective. Gary Burtless examines whether this claim is credible, finding that the presumed failure of the stimulus package is based on a very unrealistic benchmark.

Impact of Raising the Federal Minimum Wage

Mon, 27 Jul 2009 12:06:41 GMT

The federal minimum wage is going up to $7.25 an hour. Some say the raise during a deep recession is a bad idea because it could cause employers to lay off more workers. Gary Burtless doesn’t think anyone will lose their job, but some future hires may be impacted. He says the most noticeable impact of the raise will be in the spending power of some workers.

Protecting Household Income during the Economic Crisis

Wed, 15 Jul 2009 00:00:00 GMT

As unemployment continues to climb, questions have arisen as to whether the stimulus package is working, how well it was designed and when it will have an impact. Gary Burtless examines its composition, finding that efforts at creating a social safety net and fiscal relief for the states were appropriately targeted and are working.

Economic Fears Lead to a Surge in Household Saving

Tue, 14 Jul 2009 00:00:00 GMT

For many years, economists and other experts have bemoaned American consumers’ unwillingness to save. Now Americans are saving once again, and observers worry that too much saving translates directly into too little consumer demand. Gary Burtless examines whether consumer saving was too low in the past and whether this new saving pattern will continue.

Faulty Economic Forecasts or Faulty Policy Evaluation? The Difference Is Important

Mon, 06 Jul 2009 00:00:00 GMT

June’s worse-than-expected payroll employment numbers have renewed debate about the success of the Obama administration’s economic stimulus. Do the numbers indicate the administration’s policies are failing? Or do they simply show that the recession is unexpectedly severe and economic forecasting is an inexact science? Gary Burtless analyzes the data.

Unemployment Outlook Still Uncertain

Thu, 02 Jul 2009 12:03:27 GMT

Despite continued sluggishness in the economy and the recent upheaval in the auto industry, unemployment claims are down. Senior Fellow Gary Burtless says employers are still shedding jobs but says the stimulus program and the growing need for workers in some expanding industries are critical in the effort to stabilize the economy.

A New Depression After All?

Wed, 24 Jun 2009 00:00:00 GMT

Some analysts believe the current recession bears an uncanny resemblance to the Great Depression. Much of their evidence focuses on trends in international trade and industrial output. Gary Burtless says that the comparisons may seem frightening but are incomplete. We have a way to go before the current downturn can approach the economic catastrophe of the 1930s.

Have Job Losses Peaked?

Mon, 11 May 2009 00:00:00 GMT

Gary Burtless discusses the latest unemployment figures, saying that the job market is no longer in free fall. And, Burtless adds, the latest statistics on payroll employment and unemployment insurance claims may be giving us a hint that, while the economy is still shrinking, the pace of decline is slowing.

The Financial Crisis and the Rule of Law

Tue, 14 Apr 2009 00:00:00 GMT

Close political ties between Wall Street and the government played a sizeable role in creating a regulatory environment in which financial institutions became dangerously over-exposed to risk. Wall Street firms whose behavior helped create the world-wide crisis are now working diligently to prevent regulatory changes that can help restore the financial system to long-term health, notes Gary Burtless. However, he disagrees with some observers who say bank nationalization is the answer.

The Financial Crisis and a Flaw in Corporate Capitalism

Tue, 17 Mar 2009 00:00:00 GMT

The current financial crisis and the events that preceded it do not reveal a new problem in capitalism, says Gary Burtless. They do, however, highlight problems that have been obvious to careful observers for many years, and in some cases for centuries. One central problem underscored by the present crisis is the disconnect between the financial interests of senior company managers and the owners of the companies they work for.

When to Take a Federal Handout

Thu, 26 Feb 2009 00:00:00 GMT

For many of the unemployed, the refusal to accept federal aid seems mystifying. What are reasons to take the money — or not? How might the new requirements placed on the states outweigh the immediate benefits of pumping cash into pockets and the local economy? Gary Burtless and other experts discuss these questions in a New York Times op-ed.

The Stimulus Package Should Help Workers Get Retrained

Thu, 08 Jan 2009 00:00:00 GMT

Although many ideas have been floated for the incoming administration’s stimulus package, Gary Burtless urges that funds to be used for the nation’s worker training system, which can help equip unemployed and underemployed workers find good jobs when the economy begins to recover and can reduce the number of jobless workers who are looking for work.

The Credit Crisis and the Auto Industry

Wed, 31 Dec 2008 11:22:33 GMT

Senior Fellow Gary Burtless says the credit crisis has resulted in a serious domino affect for the auto industry where the consumer can’t borrow to buy cars and auto makers can’t borrow to stay afloat – this can have a profound impact on unemployment rates, he notes.

A Payroll Tax Holiday?

Wed, 17 Dec 2008 00:00:00 GMT

If policy-makers prefer speedy and administratively simple tax relief, a payroll tax cut has much to recommend it. However, argues Gary Burtless, if they want to target tax relief on taxpayers who are most likely to spend it in the short run, then a temporary cut in income taxes is the way to go.

What If There is No Auto Bailout?

Mon, 08 Dec 2008 00:00:00 GMT

The bankruptcy and liquidation of any of the Big Three automakers would represent a serious body blow to an already weak and declining economy. Garry Burtless discusses the possible impact of an automaker collapse.

Auto Industry Turmoil Adds to Job Market Woes

Sun, 07 Dec 2008 00:00:00 GMT

NPR Weekend Edition Sunday host Liane Hansen speaks with Gary Burtless about the potential impact from massive job losses in the auto industry.

Bail Out Car Buyers?

Fri, 05 Dec 2008 00:00:00 GMT

Gary Burtless argues that the Big 3 deserve federal help for two reasons: humanitarian -- avoiding worker layoffs at a time when new job prospects are so bleak, and simple self interest because the failure of one or more of the Big Three would inflict a terrific blow to consumer and investor confidence. The pain of adjustment and the scale of the job loss from the industry's reorganization can be lessened if the industry gets the government loans, rather then letting these firms disappear.

Is Big Labor Killing the Big Three Automakers?

Thu, 04 Dec 2008 00:00:00 GMT

U.S. automakers say the high cost of labor here gives overseas companies an unfair advantage. How much of a problem is Big Labor for Detroit? How much of an advantage—if at all—do Honda, Toyota and others have over U.S. companies? Gary Burtless tackles these and other questions surrounding the big three bailout in an online debate.

Big Three Automakers Ask for Money - Again

Wed, 03 Dec 2008 00:00:00 GMT

In an online debate, Gary Burtless argues that federal loan guarantees to an industry in trouble are nothing new. Chrysler in the 1979 and the airlines after 9/11 received government loans and it helped them get back on their feet. He also questions whether Congress can judge the plans the Big 3 have presented to them, and believes a competent executive board should be created to negotiate the terms.

America Without its Automakers

Tue, 02 Dec 2008 00:00:00 GMT

What's so bad about letting Ford, Chrysler and GM slip into bankruptcy? Gary Burtless and Daniel J. Ikenson of the Cato Institute debated bailing out the Big Three.

Offer the Big Three Automakers a Helping Hand, with Conditions

Tue, 18 Nov 2008 00:00:00 GMT

Congress is considering legislation that would extend loan guarantees to the U.S. auto industry. Gary Burtless argues that a government bailout would help save American manufacturing jobs and could give taxpayers a good return on their investment.

Stock Market Fluctuations and Retiree Income

Fri, 31 Oct 2008 00:00:00 GMT

While Social Security’s long-term problems represent a major policy challenge, the sharp fall in stock prices serves as a reminder that many substitutes for Social Security – such as individual retirement accounts -- have problems of their own. Gary Burtless analyzes how personal retirement savings accounts have performed historically, including over the past 12 months, and finds that retirement funds invested solely or mainly in the stock market offer a very shaky foundation for retirement income.

Brookings-Wharton Papers on Urban Affairs: 2008

Thu, 16 Oct 2008 12:00:00 GMT

Designed to reach a wide audience of scholars and policymakers, the Brookings-Wharton Papers on Urban Affairs is an annual series that serves as a forum for cutting-edge, accessible research on urban policy.

Health Care Consumption and the Relative Well-Being of the Aged

Tue, 19 Aug 2008 00:00:00 GMT

Gary Burtlesshas examines the distribution of health consumption and financing in a single recent year. It compares the implications of two sets of estimates of effects of the current health care system on the distribution of income across persons and across age groups.

Brookings-Wharton Papers on Urban Affairs: 2007

Wed, 01 Aug 2007 00:00:00 GMT

Income Progress across the American Income Distribution, 2000-2005

Thu, 10 May 2007 00:00:00 GMT

Testimony by Gary Burtless (05/10/2007)

Globalization and Income Polarization in Rich Countries

Sun, 01 Apr 2007 00:00:00 GMT

Gary Burtless shows how income inequality has changed in rich countries and considers how much of the change can be explained by closer economic integration between rich and poor countries.

Poverty, Work, and Policy: The United States in Comparative Perspective

Tue, 13 Feb 2007 00:00:00 GMT

Testimony by Gary Burtless and Timothy Smeeding (02/13/07)

Has U.S. Income Inequality Really Increased?

Thu, 11 Jan 2007 00:00:00 GMT

Paper by Gary Burtless (January 11, 2007)

Brookings-Wharton Papers on Urban Affairs: 2006

Wed, 01 Nov 2006 00:00:00 GMT

BWPUA is an annual series that serves as a forum for cutting-edge, accessible research on urban policy.

The Erosion of Compensation for Federal Executives and Judges

Wed, 20 Sep 2006 00:00:00 GMT

Testimony by Gary Burtless presented on September 20, 2006

Brookings-Wharton Papers on Urban Affairs: 2005

Thu, 01 Dec 2005 00:00:00 GMT

Subscribe to Brookings-Wharton Papers on Urban Affairs

Designed to reach a wide audience of scholars and policymaker

Can Rich Countries Afford to Grow Old?

Fri, 15 Jul 2005 00:00:00 GMT

Observers in many industrialized countries believe population aging represents a serious economic threat. Increases in the percentage of the population past retirement age may impose unsustainable burdens on future workers. Either taxes or government debt will have to rise substantially to pay for old-age income support. This paper considers the extent of these burdens and corrects the widespread impression that the burdens are unsupportable.

Social Norms, Rules of Thumb and Retirement

Mon, 01 Nov 2004 00:00:00 GMT

CSED Working Paper No. 37 by Gary Burtless (November 2004)

Social Norms, Rules of Thumb, and Retirement: Evidence for Rationality in Retirement Planning

Fri, 01 Oct 2004 00:00:00 GMT

Paper by Gary Burtless (October 2004)

The Impact of Aging on Financial Markets and the Economy: A Survey

Thu, 01 Jul 2004 00:00:00 GMT

Paper by Barry P. Bosworth, Ralph C. Bryant, and Gary Burtless (July 2004)

The Labor Force Status of Mothers Who Are Most Likely to Receive Welfare: Changes Following Reform

Tue, 30 Mar 2004 00:00:00 GMT

Opinion by Gary Burtless (3/30/04)

Pension Reform and Labor Force Exit: Cross-National Evidence

Mon, 09 Feb 2004 00:00:00 GMT

Paper by Gary Burtless, Sixth International Forum of the Collaboration Projects on Population Aging, Economic and Social Research Institute (2/9/04)

Pension Reform and Saving

Mon, 05 Jan 2004 00:00:00 GMT

Paper by Barry P. Bosworth and Gary Burtless (1/5/04)

Supply-Side Consequences of Social Security Reform: Impacts on Saving and Employment

Thu, 01 Jan 2004 00:00:00 GMT

Paper by Barry Bosworth and Gary Burtless, Center for Retirement Research at Boston College (January 2004)

Has Widening Inequality Promoted or Retarded U.S. Growth?

Mon, 01 Sep 2003 00:00:00 GMT

Article by Gary Burtless, Canadian Public Policy (2003)

Asset Accumulation and Retirement Income Under Individual Retirement Accounts: Evidence From Five Countries

Tue, 01 Jul 2003 00:00:00 GMT

Paper by Gary Burtless (7/14/03)

Earnings Insurance for Germany

Mon, 01 Jul 2002 00:00:00 GMT

Policy Brief #104, By Gary Burtless and Holger Schaeffer (July 2002)

Has Widening Inequality Promoted or Retarded U.S. Growth?

Mon, 22 Apr 2002 00:00:00 GMT

Paper by Gary Burtless, Senior Fellow, the Brookings Institution, April 22, 2002

How Much is Enough? Setting Pay for Presidential Appointees

Fri, 22 Mar 2002 00:00:00 GMT

"Current appointees receive salaries worth substantially less than the incomes earned by early Nixon administration appointees," states Brookings Senior Fellow Gary Burtless, author of a report, How Much is Enough? Setting Pay for Presidential Appointees.

Does Population Aging Represent a Crisis for Rich Societies?

Tue, 01 Jan 2002 00:00:00 GMT

Paper by Gary Burtless (1/6/02)

Workers' Rights: Labor standards and global trade

Sat, 01 Sep 2001 00:00:00 GMT

Brookings Review article by Gary Burtless (Fall 2001)

Medical Spending, Health Insurance, and Measurement of American Poverty

Wed, 01 Aug 2001 00:00:00 GMT

CSED working paper, Brookings Institution, Economic Studies

International Evidence on the Desirability of Individual Retirement Accounts in Public Pension Systems

Tue, 31 Jul 2001 00:00:00 GMT

Testimony by Gary Burtless to U.S. House Committee on Ways and Means

Can the Labor Market Absorb Three Million Welfare Recipients?

Wed, 01 Mar 2000 00:00:00 GMT

Brookings Economic Papers

Retirement Trends and Policies to Encourage Work Among Older Americans

Sat, 01 Jan 2000 00:00:00 GMT

Brookings Economic Papers

Growing American Inequality: Sources and Remedies

Wed, 01 Dec 1999 00:00:00 GMT

Brookings Review article by Gary Burtless (Winter 1999)

Squeezed for Time? American Inequality and the Shortage of Leisure

Wed, 01 Sep 1999 00:00:00 GMT

Brookings Review article by Gary Burtless (Fall 1999)

Estimation and Projection of Lifetime Earnings

Wed, 01 Sep 1999 00:00:00 GMT

Estimation and Projection of Lifetime Earnings: Gary Burtless Paper, December 1999

Risk and Returns of Stock Market Investments Held in Individual Retirement Accounts

Tue, 11 May 1999 00:00:00 GMT

Testimony for the Task Force on Social Security Reform Budget Committee, U.S. House of Representatives, May 11, 1999

Reforming Social Security to Boost Contributors' Returns and Assure Retirement Income Security

Tue, 19 Jan 1999 00:00:00 GMT

Testimony delivered to the Senate Committee on the Budget, January 19, 1999 by Gary Burtless, Senior Fellow, The Brookings Institution

Increasing the Eligibility Age for Social Security Pensions

Wed, 15 Jul 1998 00:00:00 GMT

Testimony for the Senate Special Committee on Aging by Gary Burtless, July 15, 1998

The Role of Individual Personal Saving Accounts In Social Security Reform

Thu, 18 Jun 1998 00:00:00 GMT

Testimony Subcommittee on Social Security by Gary Burtless, Senior Fellow, The Brookings Institution, June 18, 1998

Reinventing Welfare... Again: The latest version of reform needs a tune-up

Mon, 01 Dec 1997 00:00:00 GMT

Brookings Review article by Gary Burtless and R. Kent Weaver (Winter 1997)

Social Security Reform in a Global Context

Sun, 01 Jun 1997 00:00:00 GMT

Paper by Barry P. Bosworth and Gary Burtless (6/97)

Budget Crunch: Population Aging in Rich Countries

Sun, 01 Jun 1997 00:00:00 GMT

Brookings Review article by Barry P. Bosworth and Gary Burtless (Summer 1997)

Privatizing Social Security: The Troubling Trade-Offs

Sat, 01 Mar 1997 00:00:00 GMT

Policy Brief #14, by Gary Burtless and Barry Bosworth (March 1997)

Economic Reality vs. Campaign Rhetoric

Tue, 01 Oct 1996 00:00:00 GMT

Policy Brief #6, by Charles L. Schultze, Gary Burtless, William T. Dickens, Robert D. Reischauer, and Barry P. Bosworth (October 1996)

Worsening American Income: Inequality: Is world trade to blame?

Fri, 01 Mar 1996 00:00:00 GMT

Brookings Review, Spring 1996

Tax-Cutters Offer Voodoo Medicine

Wed, 14 Feb 1996 00:00:00 GMT

Opinion by Gary Burtless, Senior Fellow, The Brookings Institution

Growth with Equity : Economic Policymaking for the Next Century

Fri, 12 Feb 1993 00:00:00 GMT

In this book three of the nation's most noted economists look at the primary reasons for current economic trends and assess which of the many suggestionsincreased tax incentives for investment, education reform, or accelerated research and developme

A Future of Lousy Jobs? : The Changing Structure of U.S. Wages

Tue, 06 Mar 1990 00:00:00 GMT

The U.S. work force is viewed as increasingly divided between a prosperous minority that enjoys ever-rising wages and a less affluent majority that continuously struggles to make ends meet. To determine whether and why this view of the job market is