[Congressional Record Volume 161, Number 93 (Thursday, June 11, 2015)]
[Senate]
[Page S4100]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       SENATE COMPETITIVE CAUCUS

  Mr. COONS. Mr. President, the hallmark of our Nation's economy has 
long been the ability of anyone with creativity, ambition, and a good 
work ethic to realize their dreams and move America forward. From the 
lightbulb to the iPhone, the legacy of American invention has shone 
brightly throughout the world. Yet while our culture of innovation and 
entrepreneurial spirit remain strong, the policy framework that 
empowers that spirit to flourish is losing its competitive edge.
  For years, enabling our Nation's innovative drive was an economic 
system unparalleled around the world--from competitive tax laws to 
public investments in research, infrastructure, and education. We have 
long understood something that many other countries haven't: for 
innovation and the entrepreneurial spirit to thrive, we need a strong, 
competitive economic ecosystem. There simply is no single silver bullet 
for economic growth.
  While other nations catch up, our system is deteriorating in a number 
of ways. Federal investments in basic research and development are not 
keeping up with inflation and our tax code remains riddled with 
complexity, unable to spur growth and provide the certainty our 
businesses need. We also have to address the tough questions about how 
to fund our infrastructure, transportation, and education systems. In 
our dynamic market economy, the natural churn of businesses opening and 
closing keeps our Nation competitive, as long as we are creating more 
businesses than we are closing, of course. According to the Census 
Bureau, however, U.S. businesses are now failing faster than they are 
being created for the first time in 35 years--since the data began 
being recorded. Meanwhile, the 2014 Global Innovation Index saw the 
U.S. innovation ecosystem fall to 6th, while ranking 39th in ease of 
starting a business. These declines are coupled to a global R&D 
forecast that projects leading competitors--like China--will surpass 
the U.S. in total R&D investment by 2022.
  Yet even with these challenges, we do retain a competitive edge. 
Americans' entrepreneurial drive still spurs our economy; manufacturing 
output continues to increase; our colleges and universities remain the 
envy of the world; innovations in the American energy industry have 
reduced our trade deficit and improved our energy security; and private 
sector R&D has rebounded after several years of stagnation.
  We now find ourselves at a competitive inflection point. We can 
either do more to nurture and take advantage of our strengths--only 
some of which we have mentioned--or we can fall behind in the 21st 
century. In order to support our competitive strengths, Senator Jerry 
Moran and I are launching the bipartisan Senate Competitiveness Caucus, 
a forum to bring together Democrats and Republicans to address the most 
pressing issues facing our economy.
  Rather than focus on just one issue or one bill, we have built the 
caucus with the understanding that it will take a whole range of 
policies working in concert to sustain our innovation ecosystem.
  We will pursue ways to invest in our roads, bridges, ports, and 
highways so they meet the needs of a 21st century economy. We will work 
to make our tax code more competitive so the United States will remain 
the best country in which to do business and raise a family. We will 
seek to streamline regulations to protect consumers and make it easier 
to start and grow a business. We will look at our Federal budget and 
focus Federal resources on pro-growth policies that will create an 
environment for job creation now and into the future. We will work 
together to boost manufacturing because no country can support a strong 
middle class without a thriving manufacturing sector. That is just a 
start.
  If the last century has taught us anything, it is that other 
countries will not slow down when it comes to chasing America's 
economic success. That means that even though the United States remains 
a world leader in innovation and competitiveness, it will only become 
more difficult to retain that position as the years go by. Members of 
the Competitiveness Caucus understand that we are now competing with 
every country, every government, every worker, and every business on 
the planet. Congress must come together to turn our economic challenges 
into opportunities for growth.

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