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Reducing Debt and Other Measures for Improving U.S. Competitiveness

November 13, 2012
By Jason J. Fichtner and Jakina R. Debnam

The United States is at a tipping point: the gross national debt is over $16 trillion, equal to or exceeding the gross national product; unemployment is high; and job creation is low.

gavel and book

The United States is at a tipping point: the gross national debt is over $16 trillion, equal to or exceeding the gross national product; unemployment is high; and job creation is low. Our nation’s high levels of debt are crowding out private investment, raising costs to private business, and stifling economic growth. To help American businesses remain competitive in an increasingly globalized world, immediate action is required to improve their competitive position and to stabilize the macro-economic climate in which they operate. While the national debt must ultimately be paid down, there are other competitiveness-enhancing reforms that can be implemented more quickly including tax reform, regulatory reform, and tort reform.

Article Tags
Law Taxes Economy
Sub-topic
Law: Tort Reform