In this year State of American Affairs In her opening remarks, U.S. Chamber of Commerce President and CEO Suzanne P. Clark said the foundation of America’s enviable economic growth lies in the thriving businesses in your own city , city and neighborhood.
“The state of American business is local because businesses serve people where they are,” Clark said. “Whatever the origin of a company, service, product or solution, its impact is always local. Because local is where we live our lives.
Every business is local
“If you think about it, it makes all businesses local,” Clark said. “This is of course true for the small businesses that line the main streets and the locally headquartered businesses that employ hundreds or even thousands of people in a community and drive its economic ecosystem.”
“This is also true of the national restaurant chain where you had your first job, the technology company that produces the equipment, and the Internet service provider that together allow you to work from your kitchen table or your home office, and energy producers that power your vehicles so you can drive across town.
Clark delivered his speech from Dallas, Texas, an area that is home to a booming economy with high growth, low unemployment and some of the most innovative companies in the world.
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“The Dallas-Fort Worth Metroplex – and equally dynamic regions across the country – have a few things in common. A diverse industrial base, low unemployment and a deep talent pool, a healthy mix of small and large businesses, strong infrastructure and access to global markets, and a thriving innovation ecosystem,” said Clark. “All of this fuels a growing economy, fueled by businesses of all sizes, and, in turn, attracts more people as they seek opportunity and advancement in their own lives. »
However, other communities don’t take advantage of the same opportunities, Clark said.
“We all know there are too many places, too many communities, that aren’t feeling the energy, that aren’t seeing the growth,” Clark said. “We must be a nation where local communities are not left behind. Where there are no food deserts, where crime does not crowd out commerce, where private investment is welcome, where young people want to stay and come back, create businesses and careers, where people can advance and provide for the needs of their family.
Why we need more growth, and faster
Getting that growth should be a top priority for everyone — not just policymakers and community leaders in Washington — because it can help solve real-world problems, Clark said.
“Growth won’t solve all our problems, but we can’t solve any of them without it. So we need more growth, and faster,” Clark said.
Clark pointed out that at a time of slowing economic growth globally – America is bucking the trend – but could do even better. For example, the US economy grew by almost 3% in 2024. The outlook for 2025 is increasingly positive, but in the longer term there are major economic hurdles, with most leading economists saying expecting growth to cool below 2% this decade.
Clark said that when the U.S. economy grows 3 percent, someone born today will see their standard of living double by their early 20s. But with growth of only 2%, the standard of living would not double before the age of 30.
“One additional point of growth accelerates economic progress in people’s lives by more than a decade,” Clark said. “And that’s the message Americans sent in November: No matter who they voted for, people signaled to Washington that they want more growth and opportunity for themselves and their families. »
All politics is local
To help local communities thrive, Clark said Washington-based policymakers must do their part. She called on the 119th Congress and the new administration to focus on three immediate pro-growth priorities:
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Roll back excessive regulations.
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Preserve the competitive tax provisions of 2017.
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Participate in the global economy.
Clark said it was vital to roll back the “regulatory onslaught of the last four years” and the significant negative impact it has had on local communities.
“This unprecedented bureaucratic micromanagement of business will cost the economy $1.4 trillion and impact Americans’ lives and pocketbooks through higher prices, lower wages and fewer jobs,” Clark said . “That’s why we fought overregulation in court and will continue to work with the administration – as we did during President Trump’s first term – on this shared priority.”
She also clarified that authorizing the tax reforms adopted in 2017 expiring, as planned, at the end of 2025, would have a significant negative effect on businesses and communities, leading to higher taxes and job losses.
“Higher taxes decrease purchasing power, drive down wages, discourage investment in job-creating projects, and push businesses to relocate to more competitive foreign markets…suppressing jobs and economic activity of the United States,” Clark said. “Over the past year, we have educated new members of Congress about the high stakes… It is critical that they understand what these policies will mean for the people they represent. »
Clark said to drive economic growth, America must participate in the global economy, which already supports 40 million U.S. jobs and makes the goods and services we all need more affordable. She warned against widespread use of customs duties.
“Tariffs can be a tool, for example, to combat unfairly traded goods, those that are subsidized or dumped into our market,” Clark said. “However, across-the-board tariffs would worsen the cost-of-living crisis, forcing Americans to pay even more for basic necessities like groceries, gasoline, furniture, appliances and clothing… The bottom line is this: Tariffs are a tax paid by Americans, and their widespread and indiscriminate use would stifle growth at the worst possible time.
In closing, Clark urged listeners to unite as Americans to promote growth and prosperity for all.
“Today we told North Texas’ story of growth and opportunity, but make no mistake, this is an American story made possible by the free enterprise system that allowed our country to build the most innovative, dynamic and resilient economy in the world. “, Clark said. “We want every place – urban, suburban or rural – coastal or central America. Sunbelt or Northern Plains, red or blue – to realize its unique growth potential… This is what what Americans around the world deserve. And that’s what our future demands. Let’s make 2025 the year we grow.
More information on the state of American affairs
About the authors
Thaddeus Swanek
Thaddeus is a writer and editor on the strategic communications team at the United States Chamber of Commerce.