Let’s Shelve the Drivel: Boosting Energy Innovation to Reduce America’s Three Deficits

December 8, 2011

Robert Solow, Nobel laureate and father of neoclassical economic growth theory, says that policymakers’ current economic solutions are nothing more than “drivel” and that spurring innovation – especially energy innovation – must be a central goal of public policy moving forward.

As ITIF and the Breakthrough Institute recently reported in Taking on the Three Deficits, policymakers of all stripes largely ignore the role innovation must play to break America out of its current economic rut and restore budget balance in Washington. The top-line message - only targeted public investments in programs that boost innovation, productivity, and next-generation industries combined with targeted cuts in consumptive spending will put the United States on a long-term path to sound fiscal footing.