CONTACTS: Linda Rozett/Eric Wohlschlegel
(202) 463-5682 / 888-249-NEWS
Wednesday, August 30, 2006
Most Americans Benefit From "Global Engagement," Says U.S. Chamber Report
WASHINGTON, D.C.—Overwhelmingly Americans benefit from the nation’s openness to trade, foreign investment, immigrants, and international visitors, according to a new study by the U.S. Chamber of Commerce.
“The world’s most open major economy is also the world’s most successful and envied economy, and that’s no accident,” said Chamber President and CEO Thomas Donohue. “The free flow of trade, talent, and capital across our borders puts money and paychecks directly into the hands of American workers, families, and small businesses. That is why we must never retreat behind the walls of fear and isolation no matter how tough the global competition becomes.”
The study, “Global Engagement: How Americans Can Win and Prosper in the Worldwide Economy,” concludes that the U.S. economy will prosper if the nation reforms its legal, regulatory, health, and educational systems while remaining engaged in international markets. Further efforts to knock down trade barriers, develop domestic energy resources, secure the borders, and stop intellectual property crimes are also needed. Among the report’s findings:
- Exports directly support 12 million U.S. jobs and millions more indirectly. Ninety-seven percent of all exporters are small and medium-sized businesses.
- Imports benefit working and middle class families. Recent tariff reductions have expanded the typical family’s purchasing power by $1,300 to $2,000 per year.
- Foreign investors directly employ 5.1 million Americans and tens of millions more indirectly.
- Outsourcing is a net plus for Americans, with the U.S. insourcing at least $50 billion more in service work than it outsources.
- The United States is winning the global race for talent. Immigrants comprise 12% to 26% of the workforce in key occupations, while the nation maintains a low 4.8% jobless rate.
Although some Americans have been harmed by global competition and deserve assistance, critics have wrongly blamed trade for the concerns facing many middle class Americans, according to the Chamber. “Critics have yet to explain how closing markets would expand the American dream,” the report states.
# # #
06-139 |
Share This Page