from Renewing America

Morning Brief: U.S. Job Growth Feeds Recovery Optimism

February 3, 2012

Blog Post
Blog posts represent the views of CFR fellows and staff and not those of CFR, which takes no institutional positions.

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The U.S. economy added 243,000 jobs in January, beating expectations for a second consecutive month and bringing the unemployment rate down to 8.3 percent. Analysts say the news might be a promising indicator the recovery was finally hitting the sluggish jobs market (NYT).

Debt and Deficits

Addressing the Jobs, Investment, and Fiscal Deficits

Laura Tyson, a former chair of the Council of Economic Advisers under President Clinton, says that despite modest signs of economic recovery the United States faces three deficits (Project Syndicate): a jobs deficit, an investment deficit, and a long-term fiscal deficit. Legislators should focus on policies that improve the jobs and investment deficits now with a multi-year proposal to cut the long-run fiscal deficit over time, she writes.

Professor Tyson was also a member of the recent CFR Independent Task Force on U.S. Trade Policy, which called for a “National Investment Initiative” to bolster foreign and domestic investment in the U.S. economy.

 Debt and deficits. Read more from leading experts on the challenges in reducing U.S. debt.

Corporate Taxation and Regulation

Plans for Corporate Tax Reform

As part of legislation to overhaul corporate taxation (BusinessWeek), Senator Robert Portman (R-OH) wants to reduce the tax rates companies pay on overseas profits they repatriate to the United States. Portman says the legislation, set to be unveiled "early this year," would help streamline the complex tax code and reduce the corporate rate to 25 percent.

Corporate regulation and taxation. Read more from top economists and business experts on solutions for addressing corporate tax reform.

Innovation

China's Innovation Insight

This analysis from McKinsey examines innovation in China in the context of three industries: automobiles, semiconductors, and pharmaceuticals. In contrast to the West, China innovates best through commercialization in the marketplace versus a model based more on research and testing.

Innovation. Read more on how the U.S. capacity to innovate could play a chief role in economic growth.

Infrastructure

GOP Touts Infrastructure Bill

For Politico, Republican Congressman Bill Shuster writes on the merits of the American Energy and Infrastructure Jobs Act, saying the proposed legislation provides states with reliable funding and cuts government red tape on energy production and infrastructure projects.

Infrastructure. Read more on how upgrading the nation's aging network of roads, bridges, airports, railways, and water systems is essential to maintaining U.S. competitiveness.

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