U.S. Falls from First to Sixth in Economic Competitiveness
U.S. falls from 1st to 6th in economic competitiveness ranking.
High budget and trade deficits hurt America's business environment, according to a survey just released by the World Economic Forum. The rankings:
1. Switzerland
2. Finland
3. Sweden
4. Denmark
5. Singapore
6. US
7. Japan
8. Germany
9. Netherlands
10. UK
11. Hong Kong
12. Norway
13. Taiwan,China
14. Iceland
15. Israel
16. Canada
Looks like the chickens are coming home to roost as the doomsayers have been predicting for years. World confidence in the U.S. economy creates a very favorable global business climate and powers U.S. political and economic clout. But with a humongous trade deficit -- $805 billion last year -- it could all come apart very quickly.
The U.S., which held top spot last year, fell behind Switzerland, Finland, Sweden and Denmark, and Singapore. The top four counties all ran budget surpluses and have low levels of debt - something the US has not been able to achieve with the Bush tax cuts, his foreign adventures, and exploding deficits.
The report says, "The U.S. economy suffers from striking weaknesses. There is significant risk to both the country's overall competitiveness and, given the relative size of the U.S., the future of the global economy."
The survey polled 11,000 business leaders in 125 countries and indicates a lack of confidence among foreign businessmen in the U.S. Economy, a finding that in itself may be a self-fulfilling prophecy. In 2005 the U.S. exported 50 cents worth of goods for every dollar it imported. The U.S. has borrowed more than $3 trillion in the last six years.
If foreigners lose confidence in the U.S. economy, they will want their money back, the dollar will fall, and foreign investments will tumble. To an amazing extent, the U.S. economy has relied "on the kindness of strangers" to fuel its domestic and international investments and the recent real estate boom.
The consequences for our American Empire may be disastrous and swift, if the kindness and confidence of global investors is shaken. Will America succumb to the same imperial overstretch as the Roman, Dutch, Spanish, Soviet, and British? Hubris does not allow us to see much in the future. Every empire thinks that it is different, but....?
LinkHere
High budget and trade deficits hurt America's business environment, according to a survey just released by the World Economic Forum. The rankings:
1. Switzerland
2. Finland
3. Sweden
4. Denmark
5. Singapore
6. US
7. Japan
8. Germany
9. Netherlands
10. UK
11. Hong Kong
12. Norway
13. Taiwan,China
14. Iceland
15. Israel
16. Canada
Looks like the chickens are coming home to roost as the doomsayers have been predicting for years. World confidence in the U.S. economy creates a very favorable global business climate and powers U.S. political and economic clout. But with a humongous trade deficit -- $805 billion last year -- it could all come apart very quickly.
The U.S., which held top spot last year, fell behind Switzerland, Finland, Sweden and Denmark, and Singapore. The top four counties all ran budget surpluses and have low levels of debt - something the US has not been able to achieve with the Bush tax cuts, his foreign adventures, and exploding deficits.
The report says, "The U.S. economy suffers from striking weaknesses. There is significant risk to both the country's overall competitiveness and, given the relative size of the U.S., the future of the global economy."
The survey polled 11,000 business leaders in 125 countries and indicates a lack of confidence among foreign businessmen in the U.S. Economy, a finding that in itself may be a self-fulfilling prophecy. In 2005 the U.S. exported 50 cents worth of goods for every dollar it imported. The U.S. has borrowed more than $3 trillion in the last six years.
If foreigners lose confidence in the U.S. economy, they will want their money back, the dollar will fall, and foreign investments will tumble. To an amazing extent, the U.S. economy has relied "on the kindness of strangers" to fuel its domestic and international investments and the recent real estate boom.
The consequences for our American Empire may be disastrous and swift, if the kindness and confidence of global investors is shaken. Will America succumb to the same imperial overstretch as the Roman, Dutch, Spanish, Soviet, and British? Hubris does not allow us to see much in the future. Every empire thinks that it is different, but....?
LinkHere
posted by Kangaroo Brisbane Australia at 2:34 PM
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