McKinsey on how to Increase Economic Growth in the United States

McKinsey Global Institute – Growth and Renewal in the United States – Retooling America’s Economic Engine (78 pages, Feb, 2011)

* adopt best practices systematically across industries
* adopt the next wave of innovation (life RFID for end to end supply chain)
* adopt practices for faster response to customer needs

Seven major US imperatives:
1. Drive productivity gains in public and regulated sectors (20% of the economy and 5-15% productivity gap with private sector)

2. Reinvigorate innovation economy (data driven business decisions, cloud computer, application of advances in biology and life sciences.)

3. Develop the US talent pool to match the economy of the future and harness full capabilities of US population

4. Build 21st century infrastructure

5. Enhance the competitiveness of US business and regulatory environment

6. Embrace the energy productivity challenge

7. Harness the regional and local capabilities to boost US growth and productivity

Presidential candidate Pawlenty is calling for a target of 5% GDP growth

House Majority Leader Eric Canto is also interested in pro-growth policies and a 5% growth target.

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