The creation of new businesses is essential for economic growth. New firms bring new ideas to the marketplace and compete with existing firms. When this happens, consumers benefit through more choices, higher-quality goods and services, and often lower prices.
The United States has a long history of economic growth, a history that shows free-market capitalism to be the engine of social mobility—a highway to the American Dream.
That’s why the Bush Institute’s 4% Growth Project sets an ambitious target of real, sustained GDP growth of four percent annually, or about one percentage point higher than the average rate of growth since the end of World War II. A four percent growth rate will create good jobs for Americans, reduce the burden of government debt, and greatly increase prosperity.
Here’s another compelling fact: The U.S. had $1.2 trillion in trade with Canada and Mexico in 2011, making them this country’s first and third largest trading partners, respectively. What’s more, that volume of trade was equal to our trade with Japan, China, Korea, South Africa, Brazil, Russia and India – combined.
The Bush Institute’s economic growth team also examines policies that will enable these three nations to capitalize upon our potential and make the next ten years the North America Decade.