While the short-term growth outlook is somewhat weaker, the underlying economic fundamentals remain strong. This is not the time to abandon fiscal discipline in favor of large tax cuts. Maintaining a fiscal surplus helps keep interest rates attractive for investment.

Martin Baily

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Historically, in the U.S. and in other countries, periods of rapid productivity growth have been periods of strong employment growth.

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It's hard to blame productivity growth for a lot of manufacturing job losses.

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They could make the changes they need to make, and move forward, or they could get left behind. The US is better off. We have a full-employment economy.

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The first challenge he has to face ... is where is this economy going right now.

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