Senator Jeanne Shaheen

It was very exciting to have Senator Jeanne Shaheen speak to the Tuck School.
Senator Shaheen began the discussion by asking, “Can we innovate our way?” Her response was emphatic, “Not only can we, but we must. Our future is to be the global leader in science and technology.”
How can we do that?
Senator Shaheen stated that business, and not government creates jobs. But government has to foster a positive business climate. And how can government do that?
By:
1) Boosting research and development
2) Having a well-educated workforce
3) Increasing exports
4) Decreasing the federal government debt
5) Implementing a comprehensive energy policy

Senator Shaheen started by talking about the federal investment in R&D. That spending has been declining, as a percent of GDP—which is the wrong way to go.
The reason is that federal government research has led to everything from the internet to thermal gloves and boots (which, the Senator pointed out, is quite the boon to New Hampshire residents when the temperature is 5 degrees).
Senator Shaheen emphasized the need to stimulate private sector innovation, citing the fact that government has a role to play because companies underinvest since they don’t reap all the benefits of their R&D spending.

Next, Senator Shaheen turned to the need to improve science, math, technology, and engineering education, as these will be the fastest growing occupation fields in the next decade.

Third, Senator Shaheen discussed the need to source customers for products and services, and a major way to do that is through reducing trade barriers to increase exports. There is tremendous room for growth exports—and legislation such as the Small Business Jobs Act helps to increase exports by advising small businesses on how to manage trade rules and make contacts abroad.

With respect to the national debt--a problem, Senator Shaheen cited, as one we need to address--we need to do more than just cut wasteful programs. There are no easy answers, and we need to look at both the spending side and the revenue side. Examples in Europe show us the consequences of failing to deal with our debt responsibly.

Finally, Senator Shaheen addressed the last topic of the speech--the need to establish a national energy policy. Senator Shaheen stated that the world is on the verge of the most significant transformation since the industrial revolution, because it will go to the heart of how we produce and use energy. Moreover, the jobs in that revolution will go to countries that invest first—which is currently China, Germany, Brazil. Senator Shaheen emphasized that we need a national policy that is going to ensure the US is a world leader in energy.

In closing, Senator Shaheen ended on an upbeat note--that we shouldn't believe for a minute that our best days are behind us.

Overall, it was a great session and quite a treat to have Senator Shaheen join us!