- According to a report issued today by the World Economic Forum, the United States dropped from fifth to seventh place in global competitiveness.
- America ranked first in global competitiveness when President Obama took office in 2009.
- The report also ranked the United States at a staggering 136th place in terms of the federal government’s massive debt-to-GDP ratio.
- Over 100 countries have more competitive tax rates than the United States.
President Obama’s policies are making it more difficult to do business in the United States:
- Government red tape, high tax rates, and burdensome regulations are the highest hurdles for doing business in the United States, according to the report.
- While U.S. businesses remain competitive in terms of innovation and technology, the U.S. received some its worst rankings in the areas of high debt, deficits, and taxes.
The president should work with Congress to make it less expensive and easier to do business in the United States:
- By extending all tax rates for at least one year, reforming the tax code, reducing the deficit, and eliminating unnecessary red tape and regulations, we can give job creators the certainty they need to expand and hire more American workers.
- With over 23 million Americans unemployed or underemployed, the president should get serious about restoring America’s global economic competitiveness.