As the world economy has become more interconnected, American workers have increasingly had to compete on a global scale. While manufacturing workers have had to deal with this reality for some time, advances in information technology have made foreign competition for jobs a reality for knowledge workers as well.
In competing for jobs globally, the United States needs to create an environment that is conducive to job growth, with a particular emphasis on innovation. By focusing on four core elements, I believe my policy platform accomplishes that.
In 2011, Standard & Poor's lowered the credit rating for the United States. It commented that the political games played by both parties in Washington, made our ability to manage our finances "less stable, less effective, and less predictable." Our failure to get our act together as a country and start working toward solving our problems has reduced confidence in the American economy, affected business investment, and contributed to stagnant wages.
One place to start restoring confidence would be to demonstrate that we can get our fiscal house in order. By addressing our deficit, we would be creating more confidence in our economic future, thereby encouraging investment in the United States. Companies that are sitting on record stockpiles of cash are reluctant to invest those in America. Through a sensible, staged, fair plan to get our fiscal house in order, we can demonstrate to both consumers and companies that they can approach the future with confidence.
Eliminating Barriers to Job Creation
America is competing with countries that don't impose the same structural costs upon their employers. By addressing the costs of our healthcare system and changing the incentive system in healthcare, we can start to bend the healthcare cost curve. Doing so would allow companies to hire more workers and pay higher wages.
Simplifying the corporate tax code by eliminating the myriad of loopholes, deductions, and credits will simplify tax compliance and lower the overall tax related burden for U.S. companies. At the same time, it will allow us to lower the overall corporate tax rate without reducing the revenues to the U.S. Treasury.
Finally, we need to be diligent about evaluating the regulatory burdens that we're placing on businesses. While most of them were well intentioned when they passed, as my father describes it - any one regulation can be managed, but the collective effect is like falling into a beehive.
Building and Retaining Talent
Our current educational system generally takes a one-size-fits-all approach to public K-12 education. By encouraging innovation in our public schools, particularly around earlier access to vocational education options, our public schools can be segmented in such a way to deliver a more customized, high quality educational experience. Building on that earlier vocational training through a public/private partnership to develop apprenticeship programs will accelerate the productivity of these highly skilled workers.
In addition, America educates some of the brightest minds in the world in its university system. Under our current immigration laws, many of those students are forced to return to their home countries, thereby denying America access to the job creation abilities of the people we have trained. Modifying our system for H1B visas to allow high achievers to stay in America will only increase innovation and job creation potential. America needs to be the place that people from around the world come to create new businesses.
Positioning America to Invest in the Future
Our current fiscal picture leaves very little room for America to invest in the future. By getting our long-term fiscal house in order, we can position America to invest again in the catalysts for economic growth: core research, education, and infrastructure.
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