The jobs recession at heart stems from the failure of U.S. competitiveness. Restoring robust job growth will require more than more Keynesian stimulus or the restructuring of balance sheets (public or private). It will require that Washington recognize there is a competitiveness crisis and that both political parties need to put aside partisan bickering and ideology to boldly act to restore America as the global leader in innovation, entrepreneurship and competitiveness. For until the faith of investors, companies, entrepreneurs, workers and consumers in America's future is restored, robust job creation will be difficult. As such, President Obama's proposal should include a wide array of policies to restore competitiveness, including reducing the effective corporate tax rate, increasing public investment in industrially-oriented research, spurring the fall of the value of the dollar, and allowing overseas profits to come home at a much lower tax rate.
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July 16, 2014