Maryland Governor Martin O’Malley invited local business leaders and government officials on a trip to Asia this last June. The goal of the trip was to enlighten the attendees about the our economic rivals. Baltimore factory owner Drew Greenblatt was asked to participate. Writing for the Sun newspaper, he observes that Asian manufactures are “tough, smart, aggressive competition”. He urges change in US economic policy to allow America to compete and provide a living for residents. He also notes that while rapid growth may be the strength of Asian manufacturers, our political system and innovation are unrivaled by the Communist dictatorships of China and Vietnam.
Greenblatt outlines 6 steps he believes can leverage America’s assets to compete with foreign factory workers:
1. Streamlining patent application process – reduce it from 1 year to 30 days.
2. Encourage engineering/scientific students to stay – keep new ideas in the US by offering foreign students visas with diplomas.
3. Lower our corporate tax rates – only Japan has a higher corporate tax rate than us.
4. Eliminate business’ portion of the payroll tax – the cost to an employer would be 8% less.
5. Halt new regulations – they give jobs to accountants not welders.
6. Ratify the three free trade agreements with South Korea, Panama and Colombia – these will lower the tariffs on American-made goods.
SOURCE: Baltimore Sun