Daily Management Review

Biden: US may lose its economic advantage


If the United States does not invest massively in itself, it risks losing its economic advantage in the world. US President Joe Biden said on Tuesday when he spoke in Michigan about the country's infrastructure plan.

Gage Skidmore
Gage Skidmore
"America is still the largest economy in the world ... But as a country, we risk losing our advantage," Mr Biden said.

According to the American president, for most of the twentieth century, the US led the world in investing in its own country. "But then something happened. We slowed down, we stopped investing in ourselves... We are at a tipping point. Every 40 to 80 years in American history we find ourselves at a tipping point where we have to choose which direction we are going to take," he said.

At the same time, two days earlier Mr. Biden could not guarantee the raising of the US debt ceiling. At the same time, U.S. Treasury Chief Janet Yellen said that unless Congress raises the national debt ceiling or suspends the limit on borrowing, the country could face the risk of default. After that, the US House of Representatives voted to suspend the limit in order to avoid a shutdown.

source: cnbc.com