Posted on 09/26/2006 10:55:25 AM PDT by Mikey_1962
GENEVA (Reuters) -- The United States fell to sixth place in the World Economic Forum's 2006 global competitiveness rankings, ceding the top place to Switzerland as macroeconomic concerns eroded prospects for the world's largest economy.
In a report released Tuesday, the World Economic Forum said Washington's huge defense and homeland security spending commitments, plans to lower taxes further, and long-term potential costs from health care and pensions were creating worrisome fiscal strains.
Switzerland grabs top spot in World Economic Forum's global rankings. U.S. sinks to 6th.
"With a low savings rate, record-high current account deficits and a worsening of the U.S. net debtor position, there is a non-negligible risk to both the country's overall competitiveness and, given the relative size of the U.S. economy, the future of the global economy," it said.
Switzerland was deemed the most competitive economy in 2006, followed by Finland, Sweden, Denmark and Singapore. After the United States, which had topped the 2005 index, Japan, Germany, the Netherlands and Britain rounded out the top 10.
The Geneva-based World Economic Forum said Switzerland's well developed infrastructure, plentiful scientific research, intellectual property protection and sophisticated business culture helped launch the country to the index's leading position.
As in Switzerland, it said high-ranking Nordic countries benefited from strong institutions and excellent education and training, but said they lagged in labor market flexibility.
Most European Union countries saw stable competitiveness readings over the past year, but Italy's competitiveness ranking fell to 42nd - compared to 38th last year - because of ongoing macroeconomic and institutional weakness.
Russia, China slip Russia slipped nine places for a 62nd-place ranking this year, largely due to private sector misgivings about the independence of the country's judiciary.
China's ranking also fell - to 54 from last year's 48.
(Excerpt) Read more at money.cnn.com ...
Dreams of the Left:
In a report released Tuesday, the World Economic Forum said Washington's huge defense and homeland security spending commitments, plans to lower taxes further, and long-term potential costs from health care and pensions were creating worrisome fiscal strains.
Apparently, our lack of competitiveness is caused by our low taxes. Darn!
Sounds like the problem is not enough socialism.
We must keep raising taxes until we are competitive [/sarcasm]
In other news, the beatings will continue until morale improves.
So we are ranked behind a few peons???
In other words a bunch of Socailists got together and created a propaganda report that demonstrates their total ignorance of Economics or Competivness. Notice how Domestics Social spending or Tax INCREASES are NEVER a cause of supposed "strain" to these clowns. More nonsense propaganda.
The countries ahead of us are all relatively small and more or less homogenous.
Doesn't include 401K's and a bunch of other ways that real people prepare for their future.
So exactly what do these countrys produce that make them so competitive?
Like equities in their homes--sorry, forgot, the housing bubble has burst...
Lower taxes...oh, that's a shame! A large military budget, unlike, say, GERMANY or FRANCE, or CANADA, or any other sponge-country living off of the protection afforded by Uncle Sam!
Socialist creeps!
Right - and cradle-to-grave socialism and its costs and high taxes aren't a cause for concern in Denmark, Sweden and so on ?
And, yes, we have high health care costs and pension liabilities, but this is a virtue of capitalism rather than the socialistic countries that tax the...snot out of everyone for cradle to grave government hand outs.
I guess if you can enjoy the benefits of a free market while not spending a dime to insure the free flow of trade and ideas then you can consider yourself more efficient. The EUROs have been free riding on defense since 1945. Too bad none on this list has done squat for the freedom of anyone but themselves.
Trash-
I think they mean because we lowered taxes not by cutting spending by an equal amount, but by putting it on the debt.
When they (in fact) criticize "plans to lower taxes further" it makes me thing that they don't like lower taxes.
But I'm funny that way.
You are correctomundo about that. Look at Iceland - we're pulling out of Iceland in the next few months and they're whining about who will pay to provide ocean search and rescue operations if the US Military isn't there to do it for them.
Socialists are all freeloaders.
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