Economic growth in the United States has been slowing down and the highest rate we have seen in the recent years is around 2 percent. That is nothing considering that Americans now live longer, the population is growing and millions of young Americans join the workforce every single year. There are many great ideas to improve our economy but the problem is the implementation.
The best way to boost the United States economy is to lower taxes. Many companies have been shipping manufacturing jobs overseas because of the high corporate tax rate charged in the United States. Many others have held billions of dollars in cash reserves overseas because of the fear of being subjected to exorbitant tax rates when bringing the funds back to the country.
Low tax rates would be a great incentive to small business owners and large corporations to open new stores and offices, and this will create employment opportunities for the youth. When people know that taxes will not take a huge chunk of their earnings, they have an incentive to invest. Furthermore, the number of tax evasion incidences will also reduce.
Research and development can help to boost economic growth. Technological advancements are always a welcome change in an open market. This is because consumers are always willing to spend on newer technologies that are more efficient.
Coal is a fossil fuel, which basically means that coal is not a clean energy source. It is important to note that there are huge coal fields in the country, but they cannot be exploited because this natural resource is considered harmful to the environment. There is, therefore, the need to find more efficient ways to burn coal to ensure it does not produce harmful gases. The technology exists, we just need someone to promote and commercialize it.
Simplifying regulations and removing red tape is also important. Too much regulation and bureaucracy is an economic deterrent. Setting up a business, getting a patent or obtaining FDA approval, among other things, should be made a lot easier to promote innovation, which will promote economic growth.
Attracting foreign capital is not easy. It is also not easy to get permanent residency in the United States. That is why there is a law allowing foreigners to invest $500,000 in the country and create 10 new jobs to get permanent residency. If this amount was reduced to $250,000, more and more investors would be willing to seek citizenship through this avenue.
Lowering college fees is a great idea. Many Americans do not go to college simply because they cannot afford it while those who go to college normally graduate with huge student loan debts that make them an economic liability. Ideally, the government should reduce or subsidize college fees to make it more affordable for US citizens. This will go a long way in jump-starting economic growth and provide every industry with skilled manpower.
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Author: Martha SmithThis author has published 1 articles so far.