Many nations are competing intensely to win this race, offering competitive corporate tax policies, increased investment in technology and training and other smart policies. In the last decade, the United States has fallen behind.
Declining competitiveness means not just anemic job growth today, but relatively lower living standards in the future. So the next administration regardless of who it is and Congress need to do more than tinker at the edges. We need to replace the failed Washington economic consensus with a new innovation consensus. We need to reduce the tax burden on companies that compete globally. We need to boost government support for E&D and training. And finally, we need to draw the line when countries break the rules of global trade and take our jobs. The United States can win the global innovation race but only if we decide we want to.