The United States dropped in competiveness for the fourth straight year, according to the World Economic Forum. Switzerland came in at number one, with the United States dropping two spots to number seven. The Economic Forum listed the low public trust with politicians as a major factor to lowering the United States two spots. The Economic Forum judges competiveness based on innovation in the economic sector as well as its infrastructure.
The report also listed Standard and Poor lowering the United States credit rating a year ago over arguments about raising the debt ceiling. If the debt ceiling wasn’t raised the United States would have defaulted on its loans. “We urge governments to act decisively by adopting long-term measures to enhance competitiveness and return the world to a sustainable growth path,” said Klaus Schwab, founder and executive chairman of the World Economic Forum.
