Pelosi Statement on World Economic Forum Report on American Competitiveness

Pelosi Statement on World Economic Forum Report on American Competitiveness

House Democratic Leader Nancy Pelosi released the following statement today in response to a report issued today by the World Economic Forum concluding that the United States has lost its position as the world's most competitive economy, sliding to sixth in annual rankings. The report said: "[America's] overall competitiveness is threatened by large macroeconomic imbalances, particularly rising levels of public indebtedness associated with repeated fiscal deficits. Its relative ranking remains vulnerable to a possible disorderly adjustment of such imbalances, including historically high trade deficit."

"The report from the World Economic Forum on American competitiveness calls into serious question Republican fiscal policies. The Bush Administration and Republicans in Congress have run up record budget deficits in their quest to help the privileged few, given subsidies to companies to ship jobs overseas and failed to pursue an aggressive trade agenda on behalf of America's companies and America's workers. As a consequence, Republicans have placed our economic security in jeopardy.

"Democrats will restore our nation's fiscal health with pay-as-you-go budgeting, with no new deficit spending.

"The American people are prepared to meet all challenges with their optimistic and entrepreneurial spirit just as they always have. We should, in turn, make a serious and sustained commitment to innovation, to spur our economy and create good-paying American jobs. To meet the challenges of today, and to create the jobs and economic security of tomorrow, the time to act is now. Nothing less than our economic leadership is at stake."

http://democraticleader.house.gov/press/releases.cfm?pressReleaseID=1828