Every year the Progressive Policy Institute publishes a list of investment heroes, ranking both financial and nonfinancial firms based on their capital expenditure. These figures are very important for us, as our name indicates, we believe that for a healthy economy, we need strong capital formation.
We have been lucky to work with some of the big investors on that list. It is not a secret that ACCF works heavily on energy issues, which also have strong implications for capital formation. Growth requires energy – energy investment fuels economic growth.
One of our members who has been a staple on the PPI list just announced major investment plans in Gulf of Mexico: Exxon Mobil’s decision to expand its investment – to the tune of $20 billion over 10 years – in its refining and chemical manufacturing facilities in the Gulf of Mexico energy-producing states of Texas and Louisiana to take advantage of America’s energy revolution.
This is exactly the kind of private investment our country needs to get back on its feet. Our nation’s energy resources offer an amazing competitive advantage that, if harnessed, will generate economic activity and create badly-needed jobs.
We need more news like this kind. U.S. economic growth has been anemic since the great recession. We need to look at various policy options to encourage investment in our economy. Tax and regulatory reform are the first two that come to mind. Our tax code is significantly dated. Taxes, especially on the business side, are too high and unnecessarily complicated. The cumbersome tax system stifles investment and economic growth and restricts our ability to create jobs. In addition, the U.S. federal regulatory system is obsolete and leads to the accumulation of redundant rules that hamper economic growth and investment.
Over the years, ACCF has been working on both issues and we will continue our efforts in order to encourage the kind of private investment our country needs to get back on its feet.