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As Social Security, workplace pensions, and individual retirement accounts become more insecure, America's pension system is in serious need of rehabilitation. In this timely volume, Mitchell A. Orenstein and his distinguished colleagues Gary Burtless, Teresa Ghilarducci, and Alicia Munnell argue that any reform of the U.S. pension system must address both future imbalances in the Social Security program and weaknesses in the workplace and individual retirement systems on which a growing number of Americans now rely. Weighing what is gained against what is lost as new proposals surface, this...

I will start by discussing the recovery in the advanced economies, focusing especially on the fiscal-policy experiences of the United States, Japan, and Europe. I will then go on to discuss two major structural issues: productivity and labor force participation. One issue that is especially important for the United States but is beyond the scope of my comments today is inequality, including its links to economic rents, which I have addressed elsewhere (CEA 2016a; Furman and Orszag 2015). It is important to note that this is an area where Japan has fared far better than the United States:...

Recently we have seen noticeable improvement across a broad range of economic indicators. Second-quarter GDP growth rebounded strongly after the negative first quarter. Manufacturing has been particularly strong, with the ISM index reaching its highest level in over three years, and motor vehicle assemblies in the second quarter at the highest rate since 2006. In addition, the Conference Board sentiment index in August reached its highest level of the recovery. Perhaps no recent economic development has been more surprising than the rapid fall in the unemployment rate and commensurate pickup...