Benjamin H. Harris

Washington, D.C.

Brookings VP and Director of Economic Studies. Former Assistant Treasury Secretary and Chief Economist to VP Biden. Co-author of The Retirement Challenge.

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Articles

What role should sanctions play in foreign policy? The case of Russia.

Oct 22, 2024 | brookings.edu | Janice Eberly |Benjamin H. Harris |Oleg Itskhoki |Elina Ribakova

Since 2022, Western nations have emplaced a number of sanctions against Russia in response to the war in Ukraine. Policymakers and pundits have debated the efficacy of these measures, but this debate is belied by a deeper question: What does it mean for sanctions to “work”? In new BPEA research, Oleg Itskhoki of Harvard and Elina Ribakova of the Peterson Institute for International Economics explore fundamental questions of the theory and practice of sanctions in the Russia context.
Immigration to address the caregiving shortfall

Apr 2, 2024 | brookings.edu | Benjamin H. Harris |Liam Marshall

In the upcoming years, a confluence of factors will produce an unprecedented shortfall in the necessary supply of caregivers. If left unchecked, this shortfall will result in a series of harmful economic outcomes—including sharply raised caregiving costs, outsized burdens on informal caregivers, and subpar quality of care. Since demand for care is largely out of policymakers’ control, the most promising way to address these challenges is by expanding the supply of caregivers.
Major economic developments of 2023 and how they'll evolve in 2024

Dec 21, 2023 | brookings.edu | Chloe East |Benjamin H. Harris |Sanjay Patnaik |Louise Sheiner

With 2023 winding down, we asked six Brookings experts to take a moment to look back on some of the biggest economic policy developments of 2023 and the ways they expect them to evolve in 2024. Explore their reflections on fiscal policy, the social safety net, climate economics, and more below. On some dimensions, the U.S. labor market appears to have mostly recovered from the COVID-19 shock and to be stronger than before.
Ben Harris' testimony for the Joint Economic Committee

Nov 15, 2023 | brookings.edu | Benjamin H. Harris

Editor's note: The following testimony was given to the U.S. Congressional Joint Economic Committee on November 15, 2023. Video of the hearing is available here. Thank you to Chairman Heinrich, Vice Chairman Schweikert, and members of this committee for inviting me to testify at today’s hearing.
What does new rule on investment advice mean for retirement security?

Nov 2, 2023 | brookings.edu | Benjamin H. Harris |Adrianna Pita

A new Department of Labor rule aims to expand protections for retirement savers by updating standards on different types of financial investment advice. Ben Harris explains what the new rule does and other steps the Biden administration could take to increase Americans’ retirement security.
How did Germany fare without Russian gas?

Oct 25, 2023 | brookings.edu | Janice Eberly |Benjamin H. Harris |Benjamin Moll |Jón Steinsson

After the Russian invasion of Ukraine, there was a heated debate in Germany about whether to embargo the import of Russian natural gas as a sanction against Russia’s aggression. Germany imported 55% of its gas from Russia at the time, and many argued that the embargo would crush Germany’s economy. Before Germany could act, Russian began cutting the flow of gas to Germany, eventually halting it entirely.
Look beyond gross domestic product to assess the effects of tax reforms

Sep 27, 2023 | hamiltonproject.org | Wendy Edelberg |Benjamin H. Harris

Policymakers seeking to spur persistently faster economic growth sometimes make claims about the long-term benefits of fundamental tax reform, which economic theory often suggests can be a potent force over many years. However, the more tractable and plausible tax reforms that become law have historically offered weaker impacts on economic growth.
Look beyond gross domestic product to assess the effects of tax reforms

Sep 26, 2023 | brookings.edu | Wendy Edelberg |Benjamin H. Harris

Policymakers seeking to spur persistently faster economic growth sometimes make claims about the long-term benefits of fundamental tax reform, which economic theory often suggests can be a potent force over many years. However, the more tractable and plausible tax reforms that become law have historically offered weaker impacts on economic growth.
Ben Harris' testimony for the Senate Budget Committee

Sep 20, 2023 | brookings.edu | Benjamin H. Harris

Editor's note: The following testimony was given to the U.S. Senate Committee on the Budget on September 20, 2023. Video of the hearing is available here. Thank you to Chairman Whitehouse, Ranking Member Grassley, and Members of the Committee for inviting me to testify at this important hearing today.
The retirement challenge: What’s wrong with America’s system and a sensible way to fix it

Jun 7, 2023 | brookings.edu | Benjamin H. Harris |Francesco D’Acunto |Alberto Rossi |Richard Reeves

The American retirement system is in dire need of attention: the Social Security and Medicare trust funds are projected to be exhausted within the next decade, the vast bulk of tax incentives for saving accrue to the top one-fifth of savers, and retirees increasingly bear the burden for increased risk after they leave the workforce.