Does the U.S. need a “Competitiveness Audit”? Although the government collects reams of economic data, it doesn’t measure what's most vital to our ability to reverse America's jobs decline: which industries are internationally competitive, which ones aren’t, and whether the gaps are closing or widening. The truth is what we don't know hurts us, because it prevents us from pursuing effective strategies for boosting U.S. jobs.
In a new PPI Policy Brief, Chief Economic Strategist Michael Mandel and economist Diana G. Carew proposes that the Bureau of Labor Statistics undertake a “Competitiveness Audit”, comparing the price of selected imports with the comparable domestically produced goods and services. This will give us an accurate way of measuring America's competitive prowess, on an industry-by-industry basis.
This Competitiveness Audit will help guide both national and regional jobs strategies. The new data can help identify potential opportunities where U.S. industries are either competitive or near competitive, so focused and relatively low-cost government assistance can make a big difference.
I hope you take a look. Read the policy brief.
As always, your feedback is welcome.
President, Progressive Policy Institute