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Read. Follow. Verify.Joint Economic Committee Hearing: How Innovation Drives Economic Growth
Record date · January 1, 2018
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What This Bill Does
This document is a transcript of a 2018 Joint Economic Committee hearing where members of Congress and economic experts discussed how technological innovation and productivity gains contribute to U.S. economic growth. The hearing focused on the role of private sector ingenuity and the impact of government policy on fostering an environment for invention.
The hearing provides a record of the legislative debate regarding the relationship between federal tax and regulatory policies and national economic performance, which informs future economic policy decisions.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
U.S. Taxpayers
Economic policies discussed in the hearing may influence national growth rates and employment opportunities.
Private Sector Businesses
The hearing examined how regulatory and tax environments impact the ability of businesses to innovate and increase productivity.
Key Facts
- The hearing took place on April 25, 2018, in the Hart Senate Office Building.
- The committee discussed the impact of tax and regulatory relief on GDP growth and job creation.
- Chairman Paulsen cited a March 2017 McKinsey Global Institute report stating that advanced economies rely on productivity gains rather than labor supply increases for growth.
- The committee heard testimony from four expert witnesses representing various economic and policy research institutions.
Show all 6 facts
- Representative Maloney submitted an abstract titled 'Who Becomes an Inventor in America? The Importance of Exposure to Innovation' for the record.
- Witnesses provided written responses to follow-up questions submitted by Representative Maloney.
Frequently Asked Questions
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News Coverage
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Votes, people, money & the original sourceFull breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Focus on Productivity over Labor Supply
The committee emphasized a shift in economic strategy toward productivity gains as the primary driver of growth, citing McKinsey research.
Connected Entities
Sources
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Analysis Score
0–100- Significance40How much this matters to a regular citizen
- Controversy20Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz10Current news / social attention level
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