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How Much Time Will It Take For America to Show Economic Growth?

How Much Time Will It Take For America to Show Economic Growth?

According to the leading figures of the American business world, for Congress and the administration, the beginning of 2016 means focusing on maintaining jobs and the USA economic growth.

CEO of Caterpillar Inc, Doug Oberhelman, shares that from experience he has learned that high economic growth, which is so important to ensure, is possible only when politicians and businessmen work in cooperation to create the proper groundwork for that growth. In the recent interview, he also covered the problem of the ineffectiveness of the past six years of economic recovery, as the country is still at the unsatisfactory two percent annual growth rate. And it is not surprising because America has the highest corporate tax rate in the whole world, and its international tax system is too antiquated. Although the official rate of unemployment is just five percent, the workforce participation remains at a 35-year low.

The CEOs of the BRT company, whose annual revenue exceeds $7 trillion and quantity of employed workers is 16 million, are resolved to make America the country with the greatest economic potential. The leaders of BRT have determined such policy priorities that lead to stable economic growth and increase in the quantity of employees, starting with the corporate tax reform and expanded international trade.

The last time when the tax code of the United States was updated was 1986. It was when the international network was not yet available for the usual users. Meanwhile, other countries are using this situation to improve their companies’ competitiveness by regularly updating their tax codes.

Fearing the U.S. could lose their competitive advantage in business, President Barack Obama gave his support for updating the tax code, and Speaker of The House, Paul Ryan, gave the promise to take care of the proper modernization of the tax system despite the political challenges of the current year.

The U.S. business leaders insist on the necessity of trade expansion. It can be started with giving the U.S. companies the ability to supply their goods and services to the half-billion consumers in Asia under the Trans-Pacific partnership.

As for today, because of the international trade in America, 41 million of Americans have jobs. Export brings about 13,5 percent to the GDP of the country.

The new economic growth policy also includes the usage of the abundant energy resources in America. The country’s infrastructure is going to return to the level of international standards through new investments. The federal regulation is aimed at taking a more effective approach for the public and the environmental protection.

All the mentioned policy priorities were compiled on the basis of the data and experience of the CEOs of leading companies in the United States.

The business leaders hope these policies will become the main components both for Congress and the administration in 2016. As a result, the economic growth will precipitously improve, the number of jobs will increase, and the country will regain its positions.

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