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U.S. must invest heavily to stay No. 1 economy: White House economist

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Economy3 hours ago (Apr 06, 2021 03:55PM ET)

U.S. must invest heavily to stay No. 1 economy: White House economist
© Reuters. FILE PHOTO: Cecilia Rouse, U.S. President-elect Joe Biden’s nominee to be chair of the Council of Economic Advisers, speaks in Wilmington, Delaware, U.S., December 1, 2020

WASHINGTON (Reuters) – The United States must invest heavily in its workforce, infrastructure, research and development remain competitive and stay the world’s largest economy, Cecilia Rouse, chair of the White House Council of Economic Advisers said on Tuesday.

U.S. investments in R&D had fallen by a third as a percentage of economic output since 1960, while spending on infrastructure had been halved over the last 50 years, Rouse told an online event hosted by the Washington Center for Equitable Growth and Groundwork Collaborative.

She said the United States ranked “dead last” in spending on its workforce, compared to other advanced economies.

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