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hat the U.S. needs now is
The share of U.S. degrees awarded
higher economic growth,
in science, technology, engineering
measured by Gross
and mathematics (STEM) continues to
Domestic Product (GDP). Higher GDP
decline. In addition, the U.S. no longer
will heal the labor market, providing
leads the world in the percentage of 25- to
opportunity for rewarding, high-paying
34-year-olds having some type of college
jobs and delivering increased tax revenue
degree. The U.S. now ranks 25th in the
to finance necessary government expen-
world for infrastructure quality, down
from fifth in 2002.
ditures.
In many economic circles,
The U.S. has substantial
the focus has been on the
strengths to build upon in
lagging U.S. recovery. The
growing its economy. Among
2008 recession exacerbated a
these are the rule of law that
slowdown in U.S. economic
protects intellectual and per-
growth that has persisted over
sonal property, a culture of
the past 20 years. See the
entrepreneurship and innova-
chart for the average U.S. real
tion, best business manage-
GDP growth rates in 10-year
ment, flexible labor and capital
increments from 1954 to
markets, leading innovation in
2013.
energy, big data and analytics,
Jonathan
Provided by the U.S.
materials, biologics and biosci-
Silber man,
Income and Product Accounts
ences.
Ph. D.
and the Bureau of Economic
The following structural
Analysis, the numbers show a
reforms would help drive U.S.
decline in the economic growth rate over
economic growth:
• Bringing innovation and productivity
the last 20 years (1993-2013). Economic
growth averaged 2.56 percent compared
growth to sectors that are isolated from
with 3.07 percent over the past 60 years.
global competition, like government, edu-
The decline has worsened in the last 10
cation and healthcare
• Removing tax expenditures from the
years (2003-2013), with the severe reces-
sion and substandard recovery dragging
corporate and personal income tax
down the growth rate to an average of
• Updating the social safety net
1.72 percent.
• Replacing payroll tax with a con-
A return to greater than 3 percent long- sumption tax
term real GDP growth requires the U.S.
• Accelerating U.S. export growth in
economy to make substantial structural
services and energy with free trade agree-
reforms to boost growth.
ments.
• Having unlimited immigration of
GDP growth is equal to employment
change plus productivity increases.
highly skilled workers; the late Steve Jobs
Employment change has been negatively
had proposed giving green cards to all
impacted by baby boomer retirements.
immigrants who earn advanced degrees
Female labor force participation has
in the U.S.
peaked and the social safety net has
These policies will make a difference,
increased, reducing the incentive for
and the vast majority of economists sup-
work In addition, globalization and tech-
port them.
nology have led to more competition with
Jonathan Silberman is a professor of
developing countries, whose lower labor
economics at Oakland University. This is
costs have undercut U.S. manufacturing
and clerical jobs. In fact, the percent of the the first of his monthly columns on the
economy. You can contact him at silberma@
U.S. civilian adult population employed
oakland.edu.
peaked in 2000 at just above 64 percent.
Now, it's only 59 percent.
Productivity components are human
capital (education), capital deepening
U.S. Real GDP Growth Rates
(providing employees with equipment
and technology) and efficiency gains.
Productivity growth rates have slowed
considerably in recent years, growing at
1.8 percent annually from 2005 to 2012,
compared with 3.1 percent from 2000
to 2005.
Innovation and education are the main bo
drivers of productivity gains. Federal
research and development spending has
Immigration Refo rm (high-skilled]
Corporate Tax Reform [remove tax expenditu res;
45%
declined from more than 2 percent of
territorial system;lower rates]
Fast Tradc Trade Authority
75%
GDP in 1963 to 1 percent today.
Infrastructure Ban k IpubliciprivateparM e ish
45%

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Dr. Melissa Ser

Who Wrote the Bible

Rabbi Jeffrey Falick

Women of Valor, Women of Power

Professor Howard Lupovitch

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