[Congressional Record (Bound Edition), Volume 155 (2009), Part 16]
[House]
[Page 21105]
[From the U.S. Government Publishing Office, www.gpo.gov]




                   THE AMERICAN ECONOMY IS THE ISSUE

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentlewoman from Ohio (Ms. Kaptur) is recognized for 5 minutes.
  Ms. KAPTUR. Madam Speaker, our economy is the issue. Today, the World 
Economic Forum released its annual Global Competitiveness Report. 
Switzerland has now replaced the United States as the most competitive 
economy in the world. The United States fell out of first place due to 
its weakened financial markets and macroeconomic instability.
  This, Madam Speaker, is another wake-up call for our country, if 
anyone is listening. Due to the global economic crisis, precipitated by 
irresponsible U.S. financial institutions, nations throughout the world 
continue to struggle managing their financial futures.
  Let's take note of an important fact: Switzerland maintains a 
positive trade balance, not a trade deficit. In 2008, Switzerland 
enjoyed a $17 billion trade surplus, a third straight record year. And 
yet the nation is also now ranked as the most competitive in the world. 
We have almost a trillion-dollar trade deficit.
  Now, think about this: Free trade fundamentalists here in the United 
States would say that it is not possible, that you can't be competitive 
while running an enormous trade surplus. Some of them even try to tell 
us that trade deficits are good.
  Well, here in the United States, the free trade fundamentalists would 
have us believe we have to roll over for the Chinese or anyone else who 
wants to dominate our domestic market in order to be competitive. But 
facts are facts. Switzerland is both the world's most economically 
competitive nation, according to the World Economic Forum, while 
enjoying an enormous trade surplus.
  Madam Speaker, we have a lot of work to do here in our country and in 
this Congress to help our Nation regain its world-leading position in 
the competitiveness ranking. We now rank, shockingly, 108th in the 
world in the soundness of our banks. Switzerland fell in that category 
too, down to 44th, but not as far as the United States.
  In regulation of securities exchanges, the United States ranked a 
dismal 47th in the world, compared to Switzerland's third-place 
ranking.
  In property rights, Switzerland was first, and the United States 
30th.
  In infrastructure, that is, roads, bridges and so forth, Switzerland 
was first. The United States, 14th.
  In math and science education, Switzerland was fifth and the United 
States 48th.
  In infant mortality, the United States ranked 36th. Doesn't that 
speak to a decent health insurance program in this country?
  In life expectancy, we were 30th. In the quality of primary 
education, 30th.
  Madam Speaker, we have a lot of work to do. Our Nation is losing 
ground internationally. Second place overall isn't bad, but we have to 
make the necessary investments in our physical and social 
infrastructure or we will fall even further.
  One the authors of the World Economic Report, Dr. Sala-i-Martin, a 
professor of economics at Columbia, put it this way: ``Amid the present 
crisis, it is critical that policymakers not lose sight of long-term 
competitiveness fundamentals amid short-term urgencies. Competitive 
economies are those that have in place the factors driving productivity 
enhancements on which their present and future prosperity is built. A 
competitiveness-supporting economic environment can help national 
economies to weather business cycle downturns and ensure that the 
mechanisms enabling solid economic performance going into the future 
are in place.''
  We have a lot of work to do as a Congress. We need strong reform of 
the financial sector to restore strength to our banks, not cosmetic 
changes; we need investments in infrastructure and education; and we 
need health insurance reform. Our economic competitiveness as a nation 
and our ability to create jobs hang in the balance.
  Madam Speaker, it is time for Congress to take the reins and stop 
this stampede of greed, to provide leadership that will help our Nation 
and help our people through these tough times. We want the United 
States to be a world leader again in job creation, innovation and 
economic competitiveness. We can do it, but not unless the financial 
industry is a part of the team, pulling in the same direction, making 
our country stronger, not putting us further at risk, and not taking 
huge bonuses while 15 million Americans remain unemployed.
  Madam Speaker, the economy is the issue. The American people know 
that. The President and Congress have our work cut out for us.

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