The American Growth Summit at the Willard Hotel on September 29 offered deeper insights into the current economic situation of the United States and into future developments. Under the overarching theme of growth, the discussions focused in particular on AI and innovation, trade, tariffs and the relationship with China, as well as work and education.
AI and innovation:
The general mood toward AI was strikingly positive. Senator Mike Rounds pointed to its potential in healthcare, and Siemens stressed that it is not only about developing AI but about implementing it in the real world. To do that, employees have to be trained first. Nick Andersen spoke about security "of, with and from AI" and about how AI can expose bad decisions. From the government side, the message was that innovation is moving faster than ever. Companies should keep innovating, and policymakers want to stay out of the way as much as possible. At the same time, there was a warning against complacency, because a great deal of innovation is emerging in China in a highly competitive environment.
In general, I think AI can be very helpful in our daily lives. Certain decisions, however, should still be made by humans. Using AI more heavily in hiring processes can, in theory, counteract prejudice and racism. At the same time, suitable candidates get filtered out and individuality is lost. Your résumé and your character can be as strong and as fitting as you like, but if you don't fit the predefined box, you are screened out before a real person ever looks at your profile. AI should support human interaction, not replace it.
Trade, tariffs and China:
This is where opinions diverged the most. Dr. Peter Navarro spoke of a "Cold War" with China and presented tariffs as a negotiating lever and as protection for blue-collar workers. Other voices sounded far more conciliatory. Progress is being made with China, the G20 countries want a constructive relationship with the US, and trust often matters more than cost. John Jovanovic argued that the US had slept through critical strategic economic questions and is heavily dependent on supply chains. Its real advantage, he said, lies in its international relationships, which need to be revived and leveraged. The panel on critical minerals noted that tariffs can work, but only on the right country, at the right time and at the right point in the supply chain. The focus needs to be more on the midstream, not just on manufacturing.
In my view, that hit the nail on the head. Tariffs can be a useful tool, but they have to be used properly: strategically, and not out of fear or rivalry. Current US tariff policy has gone too far. At this point, tariffs are no longer an instrument of economic stability but part of a great power competition, and they do the population more harm than good.
Work, education and the young generation:
Workforce development ran through almost every panel. Particularly striking was Rep. Janelle Bynum of Oregon, who emphasized that optimism about entering the workforce is fading, especially among 18- to 30-year-olds. Many are moving back in with their parents, cannot afford rent and are not financially independent enough to start a family. Her "K to 30 plan" focuses on affordable housing, investment in rural schools and teachers, and real choices for different life situations.
Inflation, unpaid internships, fewer entry-level jobs because of AI and an extremely competitive labor market currently make starting a career in the US very difficult. Wages are not keeping pace with the rising cost of living. Today it is almost impossible to afford a home at 30 and raise children in a stable environment. I think the result will be an even lower birth rate, and people will have children even later. Anyone who can barely keep their own head above water will think twice about bringing children into the world.
Looking ahead:
How can the US reach three percent annual growth? Michael Strain of the American Enterprise Institute pointed to technological innovation, better fiscal and monetary policy, reform of the education system and a sensible immigration policy. The Fed has done a good job, he said, while Congress is running a disastrous fiscal policy. Added to this was the question of how to mobilize the private sector. The overall message: the US can remain an economic superpower, but it has to fight for it and act strategically.