{"id":119938,"date":"2021-04-06T23:12:51","date_gmt":"2021-04-06T23:12:51","guid":{"rendered":"https:\/\/precoinnews.com\/?p=119938"},"modified":"2021-04-06T23:12:51","modified_gmt":"2021-04-06T23:12:51","slug":"u-s-must-invest-heavily-to-stay-no-1-economy-white-house-economist","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/u-s-must-invest-heavily-to-stay-no-1-economy-white-house-economist\/","title":{"rendered":"U.S. must invest heavily to stay No. 1 economy -White House economist"},"content":{"rendered":"
FILE PHOTO: Cecilia Rouse, U.S. President-elect Joe Biden’s nominee to be chair of the Council of Economic Advisers, speaks as President-elect Biden announces nominees and appointees to serve on his economic policy team at his transition headquarters in Wilmington, Delaware, U.S., December 1, 2020. REUTERS\/Leah Millis\/File Photo\/File Photo<\/figcaption>

WASHINGTON (Reuters) -The United States must invest heavily in its workforce, infrastructure, research and development to remain competitive and stay the world\u2019s largest economy, Cecilia Rouse, chair of the White House Council of Economic Advisers, said on Tuesday.<\/p>\n

U.S. investments in R&D had fallen by a third as a percentage of economic output since 1960, while spending on infrastructure had been halved over the last 50 years, Rouse told an online event hosted by the Washington Center for Equitable Growth and Groundwork Collaborative.<\/p>\n

She said the United States ranked \u201cdead last\u201d in spending on its workforce, compared to other advanced economies.<\/p>\n

U.S. President Joe Biden\u2019s administration won approval for a $1.9 trillion coronavirus rescue plan, and is now working with Congress to ensure passage of a $2.3 trillion infrastructure investment package aimed at creating millions of jobs.<\/p>\n

\u201cWe have not been making the kind of investment that we know we need to be making if we\u2019re going to really keep up and ensure that our economy is poised to remain No. 1 in the world,\u201d Rouse said, adding that government spending was also required to address broader issues, such as climate change.<\/p>\n

She said President Joe Biden also believed that the current situation posed a fundamental test for democracy, and whether the United States could remain competitive in the race with China to develop new technologies.<\/p>\n

Biden last month said he would prevent China from passing the United States to become the most powerful country in the world, and remained convinced that democracy – not autocracy – was the key to a succesful future.<\/p>\n

\u201cWe know that there are these big challenges that are facing us coming forward, and can a democratic or democratically organized country get it together to make the kinds of investments that we need,\u201d she said, \u201cor do you need to go more top-down such as China?\u201d<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: Cecilia Rouse, U.S. President-elect Joe<\/p>\n","protected":false},"author":3,"featured_media":119937,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nU.S. must invest heavily to stay No. 1 economy -White House economist - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/u-s-must-invest-heavily-to-stay-no-1-economy-white-house-economist\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. must invest heavily to stay No. 1 economy -White House economist - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: Cecilia Rouse, U.S. President-elect Joe\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/u-s-must-invest-heavily-to-stay-no-1-economy-white-house-economist\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-06T23:12:51+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/04\/cnewsfotor1641.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/u-s-must-invest-heavily-to-stay-no-1-economy-white-house-economist\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/u-s-must-invest-heavily-to-stay-no-1-economy-white-house-economist\/\",\"name\":\"U.S. must invest heavily to stay No. 1 economy -White House economist - 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