Guest blog post by Dr. Rebecca Blank, Acting Secretary of the U.S. Department of CommerceThis morning, I joined economic development leaders from around the country to discuss ongoing efforts to create jobs and grow the U.S. economy. The Economic Development Forum was hosted by the U.S. Commerce Department’s SelectUSA initiative, in partnership with the White House Business Council and the International Economic Development Council (IEDC), the world’s largest professional organization of economic development practitioners.The forum provided an opportunity to discuss the Obama administration’s efforts to support U.S. businesses and encourage companies to bring good jobs back to America, a trend called insourcing.Both American and international firms are increasingly looking for opportunities to invest in the U.S. And businesses are not only choosing to bring jobs back, but they are also making decisions to expand here instead of shipping jobs overseas. These investments mean that more products will be made in America. That means more jobs and greater economic security for families across this nation.
The past 50 years have been the most exceptional period of growth in global history. The world economy expanded sixfold, average per capita income tripled, and hundreds of millions of people were lifted out of poverty. That’s the good news. But according to a new McKinsey report on the next 50 years of global growth revealed today at the World Economic Forum in Davos, it’s very unlikely that we’ll be able to equal that in the future.
At the World Economic Forum in Davos, you hear of a lot of vague platitudes about job creation, inequality and economic growth. Some of the ideas you hear being floated are impossibly ambitious, like Al Gore's $90 trillion scheme to redesign every city on the planet.