The stunning growth of the U.S. economy in the last twenty years was widely celebrated in academic, business, and government circles as evidence that America's competitiveness problem was solved. The data suggest otherwise. Beginning in 2000, the country's trade balance in high-technology products—historically a bastion of U.S. strength—began to decrease. By 2002, it turned negative for the first time and continued to decline through 2007.
More business leaders are speaking out on the issues of innovation and competitiveness, a dialogue too often dominated by pundits, self proclaimed experts and politicians.
General Electric Chairman and CEO Jeffrey Immelt speaking to the Economic Club of Detroit called for an American industrial renewal driven by emphasis on manufacturing and exports, investment in new technology and research and development, innovations in clean energy and affordable health care. American manufacturing can be reinvigorated through investment in research and development, infrastructure and training, and by fostering public-private partnerships. He called for the U.S. to set a target for manufacturing to account for 20% of total employment as part of a "dramatic industrial renewal" of America. "There is nothing predestined or inevitable about the industrial decline of the U.S., if we as a people are prepared to reverse it," he said. He said the country should be the world's largest market and the world's leading exporter.
- NPR: "GE Calls For More Exports To Aid Economy":
- Reuters, "GE sets Michigan research site, calls for renewal"
- Detroit News, "GE to bring high-paying jobs"
- Bloomberg, "GE to Open Michigan Center, Add at Least 1100 Jobs"
- CNBC: Immelt: ge's New Tech Center A Perfect Public, Private Deal
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