US is now 6th in world competitiveness

According to the World Economic Forum's report released today, the United States is ranked sixth (6th) in the 2006 global competitiveness rankings, ceding the top spot to Switzerland.

The report cited Washington's huge defense and homeland security spending commitments, plans to lower taxes further, and long-term potential costs from health care and pensions. It also cited a low savings rate, record-high current account deficits, and worsening of the US net debtor position.

Above the US were Switzerland (1st), Finland (2nd), Sweden (3rd), Denmark (4th), and Singapore (5th). After the US, Japan (7th), Germany (8th), Netherlands (9th), and UK (10th).

Washington Post - US Drops to 6th in world competitiveness ranking

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