Economic Report of the President 2013 - Essay Example

The report rightly notes that the United States currently enjoys a competitive advantage in business services. However, the service import is growing rapidly while in Advanced Technology it is realized that the country faces persistent trade deficit and this clearly shows a lack of competitiveness on this sector. However, on the part of the labour market, it is seen that only higher education and worker training are given priority while early childhood programs are not addressed. In any case, it is important to have a human capital policy that goes beyond the higher education policy and addresses all concerns in this respect.

Indeed, the report is very optimistic about the trade prospects of this country and the potential for growth. Innovation is rightly captured as an important ingredient in the economic process. There must be a shift towards a knowledge based economy. Agriculture is strongly placed as a core aspect in the knowledge based economy. Indeed, the focus on agriculture can greatly benefit the country considering the huge potential in this sector. In any case, this sector can further enhance the development of manufacturing and the service sectors.

In this respect, much focus is placed on biological, chemical and other advances in agricultural production. The report places much priority on the stabilization of the economy and the creation of jobs for everyone. The first chapter underscores the commitment of the administration in creating a comprehensive energy strategy in order to enhance energy security, economic growth and job creation. Indeed, the dependence on foreign oil has always been a concern for the country. The report highlights the growing need to reduce the overdependence on oil and by developing renewable sources of energy.

It is further noted that there has been much decline on foreign oil and this indicates good