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US Chamber of Commerce launches Growth and Opportunity Imperative

08 Jul '24
2 min read
US Chamber of Commerce launches Growth and Opportunity Imperative
Pic: Adobe Stock

Insights

  • The US Chamber of Commerce has launched the Growth and Opportunity Imperative, calling on candidates for next election and elected officials to support policies that would achieve at least 3 per cent annual real growth over the next decade.
  • The chamber will outline a series of growth policies and engage policymakers from both parties to advance this agenda.
The US Chamber of Commerce recently launched the Growth and Opportunity Imperative, calling on candidates and elected officials to support policies that would achieve at least 3 per cent annual real economic growth over the next decade—a 50-per cent rise over current projections. 
 
This target should serve as a litmus test for evaluating policy solutions to the United States’ most pressing challenges, the chamber noted.
 
“Many Americans do not feel like the current economy is working for them…We need our elected officials to look beyond the next election and set targeted priorities for our collective future. Economic growth is not a red issue or a blue issue. It’s a red, white and blue imperative,” said chamber president and chief executive officer Suzanne P Clark in a release.
 
“We face a future where growth is projected to be dramatically slower. From 1950 to 2010, the U.S. averaged a robust 3.4 per cent annual real economic growth, even factoring in recessions. Since 2010, this has slowed to just 2.2 per cent, with projections suggesting it could further drop to 1.8 per cent in the coming decade,” she said.
 
The chamber’s calculations illustrate the stark difference between 2 per cent and 3 per cent growth in terms of personal advancement. At 3-per cent growth, a child born today could see his living standard double by his their early 20s, compared to his mid-30s under 2-per cent growth, the release noted.
 
“America can’t afford for economic growth to be an afterthought in this year’s election,” said the chamber’s executive vice president and chief policy officer Neil Bradley.
 
Leading up to the November election and beyond, the Chamber will outline a series of growth policies and engage policymakers from both parties to advance this agenda and revitalize the nation’s economy. 
 
As part of this, the chamber has identified several critical policy areas, including artificial intelligence, trade, housing, immigration and workforce, to help the country achieve this goal. 
 
The chamber is advocating for policies that support and develop a larger, more skilled workforce; encourage investment in cutting-edge technology and private-sector deployment of innovation to improve productivity; and embrace the economy of the future while giving the private sector the certainty to plan, invest and grow.

Fibre2Fashion News Desk (DS)

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