In the last couple of years, economic growth has been averaging 2 percent. This is nothing considering that the Chinese economy has been growing by double digits over the last decade. This level of growth is too low to accommodate the growing number of college students who graduate every year as well as the ever-rising number of senior citizens in the country. There is need to brainstorm ideas to improve our economy.
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.
Lowering taxes is an incentive for employers to invest in new plants or offices and grow their operations. As a result, more jobs will be created and this will have a positive impact on every sector of the economy. Besides, lower tax rates will reduce tax evasion incidents because investors will be more willing to part with a small tax bill to get a larger bounty.
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.
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.
Lowering taxes is an incentive for employers to invest in new plants or offices and grow their operations. As a result, more jobs will be created and this will have a positive impact on every sector of the economy. Besides, lower tax rates will reduce tax evasion incidents because investors will be more willing to part with a small tax bill to get a larger bounty.
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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