The U.S. must broaden its tax base and lower rates, extract more coal, oil and natural gas, and boost government research and development to revive the economy and stay competitive, according to recommendations of President Barack Obama’s jobs council.
“Our competitiveness has eroded over the past decades,” Jeffrey Immelt, chairman and chief executive of General Electric Co. and head of the jobs panel, says in a report set for release today. “We have lost ground in metrics ranging from education to infrastructure to export.”
Immelt and the 26 other members of the President’s Council on Jobs and Competitiveness meet today at the White House to present the 72-page report prescribing how the U.S. can recover its edge in the global economy through legislation and executive actions.
“Investing in our future, building on our strengths and playing to win -- these are mantras we must adopt,” Immelt says in the report, titled “Road Map to Renewal.”
Obama appointed the council of business executives and labor leaders in February 2011 to replace the President’s Economic Recovery Advisory Board. Their job is to offer “non- partisan advice” on how to strengthen the U.S. economy and ensure competitiveness while creating “jobs, opportunity and prosperity for the American people,” according to the executive order that created the panel.
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