Barrett Sheridan
|
Jul 13, 2009 04:02 PM
In Sunday's Washington Post, George F. Will takes a swat at Obama, arguing that his pro-government policies are "diminish[ing] America's competitive advantages." He writes:
Let's guess: Will a person or institution looking for a place to invest
$1 billion seek opportunities in the United States, where policy
decisions are deliberately increasing taxes, debt, regulations and the
cost of energy, and soon will increase the cost of borrowing and
hiring? Or will the investor look at, say, India. It is the least
urbanized major country -- 70 percent of Indians live in rural areas,
50 percent on farms -- so the modernizing and productivity-enhancing
movement from the countryside to the city is in its infancy. This
nation of 1.2 billion people has a savings rate of 25 to 30 percent,
and fewer than 20 million credit cards. Which nation, India or the
United States, is apt to have the higher economic growth over the next
decade?
Luckily, we don't have to guess! The United Nations actually tracks
foreign direct investment, a measure of one country's investment in
another. Buying a factory or stake in a foreign company contributes to
FDI, and signals an implicit vote of confidence in the future prospects
of that country.
So how does the U.S. fare against India?
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