The United States dropped to the 5th most competitive economy in the world. Before Obama became president, we were the top dog. Now, Switzerland, Singapore, Sweden, and Finland have beaten us. Thanks a lot Democrats. GENEVA — The U.S. has tumbled further down a global ranking of the world's most competitive economies, landing at fifth place because of its huge deficits and declining public faith in government, a global economic group said Wednesday.
The announcement by the World Economic Forum was the latest bad news for the Obama administration, which has been struggling to boost the sinking U.S. economy and lower an unemployment rate of more than 9 percent.
Switzerland held onto the top spot for the third consecutive year in the annual ranking by the Geneva-based forum, which is best known for its exclusive meeting of luminaries in Davos, Switzerland, each January.
Singapore moved up to second place, bumping Sweden down to third. Finland moved up to fourth place, from seventh last year. The U.S. was in fourth place last year, after falling from No. 1 in 2008.
The rankings, which the forum has issued for more than three decades, are based on economic data and a survey of 15,000 business executives.
The forum praised the U.S. for its productivity, highly sophisticated and innovative companies, excellent universities and flexible labor market. But it also cited "a number of escalating weaknesses" such as rising government debt and declining public faith in political leaders and corporate ethics.
There are two things that Obama inherited from Bush: an AAA credit rating and the most competitive nation in the world. And you can damn well bet that he’ll never mention that in one of his speeches.
http://www.msnbc.msn.com/id/44423519/ns/business-stocks_and_economy/t/us-falls-th-global-competitiveness-survey-shows/?GT1=43001#.TmfUvJXfLjh
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