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Lehrman Institute Chairman Lew Lehrman on the factors leading to America’s declining competitiveness globally.
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More now on how this country can regain its competitive edge I'm joined by Wall Street budget American historian Louis Lambert chairman of -- Institute author of the book the true gold standard -- great to have you here.
Whatever the issues are complex and the sledding gets a little every week we turned lululemon.
So I wanna start with a couple of -- start with the competitiveness issue.
But I also wanna get your sense about whether or not how best to judge whether or not we're better off than four years ago we don't wanna -- simple things just.
Our wallets and our in com or lack thereof.
We -- -- grow deeper than out of what you receive for the future report.
Competitiveness is does the rural economic -- -- resonate with you.
It's a fact.
There two factors we -- site among the legions one is our educational system which is frank in math science.
And computer science I believe around 24 among.
All the countries tested so so our high schools and -- -- in our colleges and suffer the great schools like MIT.
-- among others.
Are not training our kids in math science and computer science and preparing them for the new economy so to speak.
And even the old economy which is being.
Completely renovate.
And -- turning to whether or not we're better off in four years and we're from watching a lot of clumsy and it's at the Democratic National Convention.
In dealing with the answer to that question what is -- Well it it goes without saying that were not better off.
Despite -- Obama if this thing.
It is for example.
The unemployment rate when he took office seven point 8% today it's eight point 3%.
When he took office the average income of -- -- person was around.
5050000.
Dollars.
Today in real real income it's around 45000 dollars on the -- and a 10% drop in the at the disposable purchasing power.
Of every individual every family an economy that is not better off.
That's bad news it's not better off at the same time we should also remain as you correctly state.
That decline over four years has been significant.
And -- but I think we are putting context to the over the last thirty years in this country wages have basically been stagnant.
And it's an issue that we -- not been dealing with the public policy from either the Republican side or the Democrat.
What do you see -- ahead for the next four years.
And what specific policies to you encourage the winner of this election on November 6 to follow in order to assure a return to prosperity.
Well there are many policies including being -- tax rate reduction in tax reform many of them I've sponsored in the program of Romney Romney and -- But one unconventional factor.
Has not been have focused on because it's been so long since it was true.
Our post war economy.
Gave rise to the most rapid increase in the workforce.
As well as rising per capita income.
And if you do the homework you see that the highest correlation for the rapidly expanding workforce and rising per capita income was low cost energy.
America produce low cost coal low cost oil low cost gas.
And low cost nuclear power the last to permit of which was issued I believe in 191970.
So that the -- this high cost energy which of course is a very green.
Part of the ideology of of the Democratic Party has in fact I think led to the lower.
A real per capita income as well as that the decline in the workforce which is in fact.
Measured by.
A thirty year decline.
So much in this country has changed over the course -- last half century.
It sounds like before.
You know episode of this -- -- to suggest those things that who would be better.
Given where we've been over the course last half century but certainly public education -- you identified.
Energy cost and the actual.
The actual education of the workforce.
We have we have so much to do.
And we have heard so little from either of these candidates on how to get there that is a vision for the next five years expect that to change -- I think -- of a Romney Ryan presidency absolutely I mean opening up the continental 48.
As well as Alaska even some of the offshore drilling wide open development of oil coal resources even nuclear power.
Is that it is a likelihood under the Romney run and that would lead to an expansion of the workforce greater participation which is now at a thirty year -- As offers -- -- thanks for being here.
