President Donald Trump has promised voters his administration's policies will quicken the pace of U.S. growth to three percent a year or more. Even if his administration hits that target for the national economy, some states will likely continue to be left behind. The latest government data Friday shows just how much work the Trump administration faces if it hopes to fulfill its growth target.
The initial federal research investment is small. Eighty percent of the companies in the report cited less than $5 million as the amount of federal funding received for their foundational work. For 40 percent of companies, this amount was less than $1 million. The 102 companies highlighted are predominantly small businesses, like most companies in the United States. Sixty-five percent of companies have fewer than 100 employees. Yet, the companies collectively employ 8,900 people.
A U.S. technology group said in a report on Thursday that China's mercantilist industrial policies were a risk to the global economy and trading system, and called for international pressure on China to force a policy "reset". The report coincided with the release of a separate paper by an influential U.S. business chamber criticizing Beijing's "Made in China 2025" plan, which aims to dramatically increase domestically made products in 10 sectors, from robotics to biopharmaceuticals.
Sens. Shelley Moore Capito (R-W.Va.) and Amy Klobuchar (D-Minn.) are pushing for the federal government to start measuring the impact of broadband on the economy. The two co-chairs of the Senate Broadband Caucus introduced a bill on Wednesday that would require the Bureau of Economic Analysis to study the economic effects of broadband deployment and adoption.
By the early 2020s, rivalry for industrial innovation will accelerate between the U.S. and China. Ironically, the Trump White House has opted for a poor-economy industrial policy, whereas China has a rich-economy policy. The former seeks past glory; the latter cannot wait to get to the future.
A European business group says China is violating its free-trade pledges by pressing foreign makers of electric cars and other goods to hand over technology under an industry development plan that is likely to shrink access to its markets.
The new Republican chairman, speaking just two days after the two-year anniversary of the landmark Open Internet Order, pledged to approach regulation with a “light-touch” approach. He said the rules have stifled economic growth and investment in the broadband industry.
“Governments from East to West all want the same thing: economic growth. Now more than ever, world economies must choose whether they will grow forward into the future or shrink back from endless innovative potential,” said Mark Elliot, executive vice president of GIPC. “Each year, this report attempts to highlight best practices among the world’s intellectual property environments. In 2017, many of the same challenges remain.
“This year’s Index shows that a clear pack of leaders has emerged: the United States, United Kingdom, Japan, and the European Union. But all that invest in the systemic recognition and protection of IP stand to reap the benefits: foreign investments, healthier home-grown industries that export innovative products, and a reputation as a place where the world can do business. From the most developed countries to the least, countries that demonstrate a commitment to IP will reap a reward.”
Offshoring production from the United States to factories overseas has arguably done a lot of damage to the U.S. economy. Over the last three decades, the trade deficit ballooned and millions of American manufacturing jobs were lost. And with those jobs, according to analysts, America also lost some of its innovative edge.