Sustaining US Economic Growth

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SustainingUS Economic Growth

Theeconomic recession that happened in the US soon after President Obamatook power almost crippled the financial market. The effects of thisrecession included a massive reduction in the GDP, which lead tonumerous losses of jobs and homes for many Americans. This made theObama administration to call for a crisis meeting to provide asolution that would not only be quickly implemented into the systembut would function for many years to come. They came up with the‘Strategy for American Innovation’ which was a program that aimedto improve the US economy growth by promoting innovation among thecitizens. This program that was launched in 2009 aimed to improve theeducation of the masses and focus on reminding the citizens on theirrich past of innovation. All this was aimed to make them understandthat the pride they had in their country could make them cometogether and focus on rebuilding their crumbling economy. By doingthis, businesses would be influenced to come together to ensure thatthe progress the country had made in the past centuries and therecent progress, can be implemented to ensure that the economy wouldnot go to the dogs. All these protocols were laid down in a way thatthe people fully understood the part that the government was going toplay in every step of the way. The inborn spirit of innovation andindustrialism that began way back from the days of the foundingfathers of the US was to be revived among the people. It all startedfrom the baseline where the citizens were to be educated in all theskills of this age so that they would be leading pioneers in the newworld of the work force. This was enforced by ensuring that the USwould be a leader when it came to research and development.Innovation in the field of Information Technology was also a vitalplan towards the plan. The physical groundwork was aimed to beconstructed to ensure that the country remains at the top of itsgame. Improvement of the communication sectors was set to makecommerce much easier. Entrepreneurship among the citizens was alsoanother element that was aimed at being improved. The government setits role towards support for upcoming entrepreneurs and the growth ofsmall businesses. This was done through numerous legislations thatwere aimed at protecting these small businesses against oppressionand harassment from bigger firms and organizations. The Obamaadministration fully knew that these businesses were creatingmillions of jobs in addition to generating most of the revenue forthe country. Research into all forms of technology from mechanical tobiomedical were highly encouraged. This was aimed at generating anyform of technology that would be useful to the country and itspeople. The government also saw a crucial need to develop fully theclean energy sources. President Obama saw that preservation of theenvironment was crucial to sustaining the economic growth for thefuture generation. Advancements in solar, wind and geothermal powerwere viewed as the next-age energy sources. Vehicles that use cleansources of energy such as the hydrogen fuel and electric batterieswere being improved. The goal was to ensure that the countrycompletely switches to clean energy sources in the next few decades(Obama, 2011). All these were basic steps towards ensuring that thegrowth of the US economy would remain constant. The topics belowdeeply cover all the strategies that were set down to implement allthese plans.

TheFoundational Components of the American Innovation

Tocontest in the global economy, a country must have well-qualifiedworkers who are aptly versed in today’s technology, the countryshould be fully set on progressing it’s exploration in technology,and the infrastructure should be second to none when it comes tomeans of transport and communication (Obama, 2010). This statementmade the government come up with sufficient strategies that wouldincrease the innovation of its people.

Thefirst step was to deal with Education. The Obama administration sawthat the education system should be implemented in a way that itwould be able to handle any future progress in technology. ThePresident focused on improving the education when it came to thetechnical subjects such as math, science, engineering, andtechnology. This was to be fulfilled by the increase of teachers whoare well versed in these subjects. All this was aimed at teaching tocreate a sense of innovation among the citizens. The Americanpopulation had steadily had a decline in the number of collegegraduates. This was mainly caused by the high tuition fees. PresidentObama implemented a legislation that planned to reduce the educationfees encountered at this level. This included making all federalloans to be easily accessed by any student willing to take a collegedegree. Early education was another priority of this administration.Every child at any level of learning was to be guaranteed awell-fledged education system that was taught by qualified teachersto ensure that that the future generation would not lack in anysector of their schooling. The innovation strategy was furthercarried into the field of research where research laboratories wereencouraged to continue their advancements in science without anyrestrictions so as the country can maintain a competitive edge in newdiscoveries that may help the human race. Research and enhancementwere made so vital that a significant portion of the budget was setaside to provide funding into this field. When it comes to thetransport sector, the President set down protocols that were going toensure that this sector would be unrivaled in the world. From road torail and even air, every part was to be improved to a standard thatwould surpass any other transport system worldwide. Every improvementwas guaranteed to ensure that each sector’s operation would be moreefficient energy wise and much safer. This would improve the economyby ensuring fast and easy movement of goods from differentdestinations. The information technology (I.T) sector was anotherarea of crucial improvement. President Obama laid down strategicsteps towards ensuring that the information system would become moreefficient, faster and much more powerful. This venture wouldeventually create numerous jobs for the American people. ThePresident also implemented strategies towards enhancing the electricgrid to ensure that the energy consumption in the country would beimproved with minimal waste. This was to be combined with computertechnology to create smart electronic grids that would monitor everysingle usage of the energy that was to be supplied (Obama, 2011). Allthese steps were to create a more efficient United State with atechnology niche that would set the country at a higher pedestal thanany other country in the world.

PromotingMarket-Based Innovation

Evenafter laying down all these plans and strategies for economicdevelopment, the Obama administration still had to overcome thehindrances that may come in the way of stopping these plans. This wasdone through engaging the private sector in more projects andinventions that were aimed at building up the country. This wasaccomplished through new tax programs that encouraged the privatesector. The organizations were also given the right to shareinformation based on technological advancements. This was to enablean exchange of ideas and information for faster application of ideas.The patent system was to be improved by ensuring that the processingof a patent and property rights takes the shortest time possible. Alaw based on counterfeits and piracy was also passed, and it wasstrictly enforced. This was to ensure that any form of intellectualtheft would not happen, and every innovator would be compensated fortheir due work and achievements. This was also aimed at betteringinternational relationships when it comes to trading. Obama deeplysupported the spirit of hard work especially among the small joboperators in the country. This was based on the principle that ifanyone had a dream and worked towards it, they were working towardsbuilding the US economy (Obama, 2011). President Obama pledged onsupporting the small scale entrepreneurs who lacked funding to starttheir businesses. He saw their industrious efforts as a means ofcreating more jobs for the masses and ensured that their dreams wouldnever fail. This was done through providing capital through thegovernment financial systems as well as giving these minor businessesmajor tax breaks. This was all to ensure that the businesses succeedabundantly so that more Americans continue to benefit. Qualitymentorship was also part of the deal, and this was to guarantee thatthese small businesses would only excel. These mentorships were doneon a regional level in a bid to reach as many Americans as possible.All fields of science and technology were handled to ensure maximumproductivity from all sectors. An open market was also set up toensure that these small businesses get to gain profits. Laws werepassed to ensure that no entrepreneur would be subjected to any formof unfair treatment nor would they be taken advantage of. Thecommunication sector was fully opened to these firms so that thesebusinesses never lack any form of market. The foreign market wasopened up as well, and free trade was guaranteed for all theseentrepreneurs. All this was for the long term creation of millions ofjobs that would build up to the growth of the US economy.

EnhanceBreakthroughs for National Priorities

Investmentsfrom the local citizens is a part of the implementation that ishighly encouraged. This is a major step towards taking the UnitedStates to the next stage. Not only would this make the US a greatnation but it would also leave a huge imprint on the history of thecountry’s development. The Obama administration aims at ensuringthat the environment remains safe and functional for the futuregenerations. Steps have been taken towards ensuring this. The mainfocus area is the energy sector. Clean energy that has no adverseeffects on the environment is a major leap to attaining this goal.This includes the development of the renewable energy, alternativefuels such as the hydrogen fuel and further enhancements when itcomes to the motor vehicle industry. Solar, the wind and geothermalenergy have been progressively improved to increase the energyreturns from these sources. The administration aimed at tripling theproduction of this energy source by the end of its first term. Themain goal is to ensure that by 2035, 80% of the electricity suppliedin the United States would be from clean, renewable sources. Thiswould highly motivate the private sector and more inventions such asenergy storage mechanisms will come into play. Many scientists wouldbe brought together, and this would form something like a think tankthat would further advance the field of innovation. Sufficientfunding has been provided for the energy sector to research into moreways of creating cleaner and safer sources of energy. The governmentpetroleum use when it comes to the heavy-duty vehicles the agentsoperate in is set to be drastically cut down also in a bid to endingthe energy crisis. A more conventional approach is to be used throughlight vehicles that consume less fuel. President Obama has supportedinnovation in the field of electric vehicles that would be able totravel long distances on just a single charge. He plans to make theUS the leading new-generation car producer in the coming decade.

Theadministration is also keen on following advancements in the fieldsof nano and biotechnology. These are seen as advancements that wouldfurther propel the US to the top of the economy hierarchy. Thegovernment aims to reduce the cost of DNA sequencing inclusive of thefurther sequencing of the genome. From the current 34 genomes toaround 1500 (Obama, 2011). Studies on cancer are already underway,and all this is to ensure that the US will have the best medical careand treatment for most diseases that have defeated the human race.The field of nanotechnology enables research into advanced worldssuch as new and innovative ways of disease detection and treatment.This is inclusive of cancer treatments that have minor side effectscompared to the other forms of treatment. Nanotechnology is aimed atcreating cheap technology that would be easily available to themasses while assisting them accordingly. This technology would leadto the creation of strong materials that are not heavy, and they canbe used as well in energy storage devices. Further advancements intospace exploration would be enhanced as well. This is vital since thespace study provides means of communication, warns the world ofpending natural disasters as well as provides a key means ofunderstanding the world as it is known. This would also improve airtravel, and the ocean system would be fully understood. Anothergroundbreaking form of technology is the use of informationtechnology in healthcare. This would be very efficient as it wouldcut down the setbacks that the contemporary healthcare systemsubjects the people to. The Obama administration aims to cut downcosts as well as minimize the time required for one to be assisted.The education sector is also set for a major makeover as advancementsin technology would be used to teach and develop skills of theyounger American generation. All these would be focused on enhancingthe innovativeness of every individual citizen.

Conclusion

Thestep by step strategy that was set down by the Obama administrationwas very feasible. The initial plan to try and motivate the inbornspirit of innovation of the American people was a crucial first step.This is because the American citizens fully know the role that theirfounding fathers played in innovation and technological advancements.These actions are what led towards making the US a great nation as itcurrently is. The plan to ensure proper education to be provided forthe current minors in a bid to create a future workforce that washighly efficient is well-thought idea that fully secures the futureof the US. Ensuring that the country does not slack in the field ofscience and research will make the inventors and scientist never tosettle for anything but will always strive to achieve more. Increasedimprovement of the country’s infrastructure and further advancingthe information technology are huge building factors towards theeconomic growth. The infrastructure would make the movement ofmaterials and products for the manufacturing sectors much faster andeasier. Small businesses would also benefit greatly through thehigh-speed communication systems whereby selling of products andgoods would not be restricted to a specific locality. This is becauseadvancements in information technology would open up the marketpossibilities to a vast extent. Another strategy that focused onsupporting small businesses and entrepreneurs is set to motivate thissector highly. The government has fully backed the sector to makesure it grows exponentially. This has been done through tax breaks,funding for the startup capital and very flexible loans that areeasily accessible. This sector is set to provide millions of jobs forthe American people and subsequently generate much more revenue forthe country. This plan is seen to be working towards sustaining andenhancing the US economy. The plan to further open up the foreignmarkets would create unlimited possibilities towards this sector. TheObama administration is working tirelessly to double and even triplethe country’s export. President Obama has also seen that for theeconomic growth to be sustained, the use of clean energy sourcesshould be further advanced. Such energy sources include solar, windand geothermal power. Research is also ongoing on the forms of energystorage for these systems. This is in a bid to ascertain that theenvironmental degradation is hindered. For the future generations tobenefit from these plans to sustain economic growth, the environmentshould be well taken care of. The government aims at making at least80% of the entire energy used by the country to be from these cleansources by the year 2035. Medical research is also being advanced insearch for proper treatments and cure for diseases that have ravishedthe human race. An example is the cancer disease that kills millionsevery year. Due to its high cost of treatment, it hampers theeconomic growth. Therefore, if better and cheaper ways of treatingthe disease could be found, it would be highly beneficial. Ingeneral, the Obama administration aims at making medical care cheapand affordable to every citizen of America. Further research in spaceexploration would be vital in improving and advancing thecommunication systems of the US. All these strategic steps that havebeen laid down are seen to be very effective, and implementation isalready underway. The US economic growth is therefore guaranteed togo from strength to strength.

Reference

Obama,B. (Ed.). (2011). Strategy for American Innovation: Driving TowardsSustainable Growth and Quality Jobs. DIANE Publishing.