Gross Domestic Product (GDP)
The Joint Select Committee on Deficit Reduction—the so-called super committee— needs to act expeditiously to rein in spending, reduce the deficit, and stabilize and, ultimately, lower America’s level of debt.
Enhancing economic and job growth is a prerequisite for achieving these goals, but growth alone will not be enough. The only way to tame the deficit and put us on a path to long-term growth and job creation is through reforming entitlements and restructuring the U.S. tax code.
U.S.-Korea Business Council’s Tami Overby talks about the benefits of a free trade agreement with South Korea and warns that U.S. producers are already losing market share to their European competitors, who already have an agreement in place. “The free trade agreement is about lowering tariffs,” Overby says. The average Korean agriculture tariff is 53%. As soon as we sign this agreement, 85% of all Korean tariffs will go to zero.”
The White House has once again signaled that it is pivoting back to jobs, and President Obama will reportedly give a “major speech” on job creation in September. Here at the U.S. Chamber of Commerce, where we remain sharply focused on job creation, it is a welcome move. But for the president’s pivot to be meaningful, it needs to be followed by a big step back from onerous regulatory proposals that would kill millions of jobs with no proven benefits to offset this hurt.
With our credit downgraded, stock prices falling, economic recovery sputtering, and hope running out for millions of unemployed workers, this may seem like an unusual time to talk about America’s strengths. In fact, it’s the best time. Wallowing in self-doubt will get us nowhere. By harnessing our extraordinary advantages, we can create new growth, jobs, and opportunities for Americans.
1. Are you satisfied with how Congress settled the debt ceiling crisis?
