Business Roundtable (BRT) is an association of American CEOs, whose companies jointly account for $6 trillion in annual revenues and more than 14 million employees. So when they talk, people tend to listen.
They’re talking now, in the form of a series of recommendations to bring jobs back to America and boost economic growth outlined in a report titled “Taking Action for America: A CEO Plan for Jobs and Economic Growth.”
The report is broken up into three sections, along with solutions for each issue discussed in every section. The sections are:-
American Global Leadership – Sound fiscal policy, smarter regulation, and competitive taxation.
American Advantages – Open markets, reliable & affordable energy, safeguarding tech assets through effective cybersecurity, and educated talent.
Workers & Families – Skilled workforce, affordable & quality health care, stable policies for retirement security.
They have a lot of interesting recommendations, and the focus on problem areas also seems spot on. For instance, the report section on regulation says the SBA pegs the total cost of all regulations at $1.75 trillion per year. In addition to the burden on businesses, federal agencies spend nearly $50 billion per year enforcing existing regulations.
The time delay is also getting extremely distasteful for businesses, such as the 10 years it took the $2.5 billion Cape Wind energy project off shore in Massachusetts to get its permit.
Also interesting is the section on the impact of pending regulations that threaten investments and jobs. The bills mentioned include the Clean Air Act, impact of Health Care Reform on employer paid coverage costs, and the Volcker Rule in the Dodd–Frank Wall Street Reform and Consumer Protection Act.
“Accelerating economic growth and job creation are top priorities for American companies and American workers,” said Jim McNerney, chairman, president and CEO of The Boeing Company, and chairman of Business Roundtable. “The plan we are releasing today outlines a path to achieve these goals through sensible, pro-growth economic policies that will create an environment in which American businesses can compete and grow in 21st century global economy.”
They are asking for a balanced federal budget (excluding debt interest payments) within the next five years. That’s a good place to start, since all Congress has to do is ensure that no new debts are taken on.
They want US energy systems to be more diverse and domestic, instead of a fossil-fuel based policy that depends on being nice to Saudi Arabia.
Read the full BRT report here – Download (pdf)