economy
For many Americans, moving to a new city involves buying a home - and property taxes can be a considerable expense for homeowners. Nationwide, homeowners pay the equivalent of about 1.1 percent of their property value in state and local taxes annually. The majority of the fastest shrinking cities are in states where homeowners pay as much or more in state and local property taxes as a share of their home value than is typical nationwide.
“What’s driving productivity differences over time and across firms and sectors?” Papanikolaou asks. “People say, ‘Oh, it’s innovation, technological change.’ But we don’t have great measures of those things. That’s what motivated our research.” With collaborators Bryan Kelly of Yale, Amit Seru of Stanford, and Matt Taddy of Amazon, Papanikolaou drew on an enormous database of U.S. patents to develop a novel measure of innovation.
The Power subranking is based on an equally weighted average of scores from five country attributes that related to a country's power: a leader, economically influential, politically influential, strong international alliances and strong military. The Power subranking score had an 8 percent weight in the overall Best Countries ranking.
The 2016 election revealed a dramatic gap between two Americas—one based in large, diverse, thriving metropolitan regions; the other found in more homogeneous small towns and rural areas struggling under the weight of economic stagnation and social decline. This gap between two American geographies came as a shock to many observers.
ITIF President Rob Atkinson testified before the Senate Small Business Committee on the issue of unfair Chinese trade and technology policies and practices and what the federal government should do in response. In his testimony, Rob discussed the importance of a new framework from Senator Rubio for how to think about the economic challenge from China, the nature of the economic challenge posed by “Made in China 2025” (MIC25), and components for more robust trade, innovation and competitiveness strategies, including to help small businesses.
Chinese government makes their goal clear. China aims to become the global leader in innovation and manufacturing. This would be an unacceptable outcome for American workers. To drive our own development in a competitive, global economy, we must prioritize the high-wage industries of the 21st century, to the benefit of American businesses, workers, and their families.
The takeaway from Washington is this: You cannot have the No. 1 economy in the world be a capitalist, democratic system and the No. 2 economy be a hybrid capitalist system ruled by the communist party, a party that sets the table for economic development. The rules are totally different. Something’s got to give. So far, China has opened a bit more, and the U.S. has closed a bit more by way of increasing trade tariffs.
The latest round of high-stakes talks to resolve trade and economic disputes between the U.S. and China is scheduled to resume in Beijing this week. The American side will be led by United States Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin; China will be led by Vice Premier Liu He. The U.S. has threated to impose new tariffs on $200 billion of Chinese goods if an agreement isn’t reached by March 1.
China promised to “substantially” expand purchases of U.S. goods after the latest round of trade talks, and both sides planned further discussions to reach a breakthrough with only a month to go before the Trump administration is set to ratchet up tariffs. President Donald Trump said Thursday he will dispatch two of his top negotiators to China following two days of talks with Chinese officials in Washington.
The USMCA is the right deal for the U.S. because it puts innovation, and all those who help drive our technological and productivity advances, front and center. Key to the continued promotion of U.S. innovation is the establishment of critical intellectual property (IP) protections that safeguard and reward U.S. innovations. While Canada and Mexico remain some of our closest economic allies, too often relaxed IP protections in both countries have undermined U.S. incentives to innovate and compete fairly in those markets.