The State of U.S. Manufacturing

The State of U.S. Manufacturing

The significance of manufacturing to the U.S. economy is undeniable, and the role and dynamics of this sector are important to study. It is critical to recognize, however, that manufacturing is but one segment of the U.S. economy, and the share of the resources dedicated to this sector should be determined by market forces, not government policy.

Retirement Security: Challenges Confronting Pension Plan Sponsors, Workers, and Retirees

Retirement Security: Challenges Confronting Pension Plan Sponsors, Workers, and Retirees

Sound retirement security policy for future retirees requires planning. Ensuring the goal of adequate asset accumulation at retirement necessitates sufficient savings throughout an individual’s career. To that end, workers need to be engaged; employers need to be responsible; and policymakers must ensure that pension law, tax law, and the Social Security system operate in a manner that promotes opportunities for private saving, appropriate retirement asset management, and sustainability and predictability. Together, these programs should complement the goal to strengthen the financial security of our workforce.

An Incremental Approach to Social Security Reform

An Incremental Approach to Social Security Reform

Chairman Baucus remarked at the opening of the first hearing in this series that “[a]ddressing our deficits and debts is an economic issue, a national security issue and a moral issue.” He went on to say that “we have a moral obligation to leave this place better than we found it, but today, our fiscal challenges prevent us from meeting that responsibility.”

Saving on Multi-Source Drugs in Ohio’s Medicaid Program

Saving on Multi-Source Drugs in Ohio’s Medicaid Program

In my testimony today, I offer evidence that there exists a good opportunity to achieve savings in Ohio’s Medicaid drug program without cutting benefits or quality of care. I will begin my testimony with a brief comment about the Medicaid program in Ohio, then discuss research I have recently published on overspending on certain drugs in Medicaid both nationally and in Ohio, and conclude with a remark regarding possible policy options to consider.

The Stimulus: Two Years Later

The Stimulus: Two Years Later

The two-year anniversary of the American Recovery and Reinvestment Act (ARRA) presents an appropriate time to evaluate the legislation’s effectiveness. There are many metrics by which one could assess this massive federal policy, but in my testimony today, I will focus on just two: cost and “shovel-readiness.”

Factors Affecting Unemployment Insurance Trust Fund Solvency

Factors Affecting Unemployment Insurance Trust Fund Solvency

This is an important and timely hearing. As Department of Labor (DOL) Assistant Secretary for Employment and Training Jane Oates recently noted in testimony to the Senate Finance Committee, “It is clear that solvency of the UI system will be a concern over the next decade.” I share the concern about the viability and health of many state UI trust funds and am concerned about labor markets in the United States generally over the near and medium term.