Heading into 2011, there should be no doubt that America is a nation at risk. The warning signs have been building for years.
We’re falling behind in world markets, as our share of trade in Asia, the world’s fastest-growing region, has declined 9 percent since 1990. We’ve got the second-highest corporate tax rate in the world, making it harder to manufacture here. And speaking of difficulties, America is only making it harder for future generations to climb out of the deep deficit we’ve created. Driven primarily by unsustainable entitlements, we’re on track to nearly double the national debt in 10 years.
Given these burdens, if there was ever a time when we needed strong economic growth and job creation, it is now. But we don’t have that going for us either. If we’re really going to address these problems, it’s time for Washington to get serious. We’ve been diagnosing our problems for years. How about some treatment?
To begin with, businesses must take the lead in driving a pro-America trade agenda that creates jobs here at home. This will start next year with action in Washington on the Korea-U.S. free trade agreement. Without this deal, we put nearly 400,000 American jobs at risk.
In the year ahead, Washington must address the explosion of government debt. This will come through tax reform that broadens the tax base and makes us more competitive, and entitlement reform that meets our social obligations without expanding dependency on government. As we confront the nation’s debt crisis, we must recognize that without economic growth, we will never be able to put a serious dent in the deficit.
Taking action to address deficits and taxes is not easy for the business community. But by taking action we are saving future generations of Americans and protecting a nation at risk.