Policy Documents

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

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

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.