According to a research report released by Harvard Business School on Wednesday, cited by Reuters, Americans blame the political gridlock in Washington for the country's declining economic competitiveness, and believe that both the Democratic and Republican parties are responsible.
Research shows that since 2000, the average annual growth rate of U.S. GDP is about 2%, significantly lagging behind the average annual growth rate of 3% to 4% half a century ago. The main factors hindering economic growth are complex corporate tax laws, a chaotic immigration system and aging infrastructure.
While many studies still focus on using the impact of the financial crisis to explain the moderate economic performance of the United States, this study claims that the widening gap between rich and poor, the decline in productivity growth, and the increase in the number of unemployed and jobless people among the working-age population have made the U.S. economy less competitive.
The research report surveyed 5,855 people, of whom 4,807 were graduates of Harvard Business School and 1,048 were the general public.
In the survey, 50% of Harvard alumni believe that the competitiveness of the United States will further decline in the next three years, while only 30% believe it will increase. The survey also found that small companies will face a worse economic environment than large companies.
A majority of Harvard alumni believe that the U.S. political system has harmed economic development, and this view cuts across party lines, with 82% of Republicans, 74% of independents and 56% of Democrats agreeing.
Jan Rivkin, one of the authors of the report and a professor at Harvard Business School, said, "No matter which party, only a small number of people believe that their party has taken action to support economic growth."
This survey does not involve whether respondents prefer Democratic candidate Hillary Clinton or Republican candidate Trump. However, Rivkin believes that "anyone elected in the current political system will face the pressure of paralysis caused by political deadlock" and "political dysfunction is the biggest obstacle to U.S. competitiveness."
In fact, in recent years, the political deadlock between the two parties has made it difficult for Congress to make progress in major political areas. For example, in September 2013, the Republican-controlled House of Representatives bundled a temporary appropriation bill with measures to obstruct Obamacare. As a result, the Democratic-controlled Senate failed to pass the bill. As a result, the federal government was "without food" and had to shut down in October, causing considerable trouble and losses to American society and the economy. Since the 1970s, there have been 18 such shutdowns.
The study believes that partisan political deadlock is preventing the federal government from dealing with the structural problems facing the U.S. economy, and recommends reforming the manipulation of "redistricting" by political interests, limiting the terms of the House and Senate, and eliminating partisan manipulation of the federal legislative process.
The study also recommends that politicians should focus on corporate tax reform, reduce the overall inflation rate, and relax immigration thresholds for highly skilled talents to enhance the competitiveness of the U.S. economy.
