mr. speaker , the united states has the number one economy in the world . 
for almost two centuries , we have been the envy of the world : a dynamic economy ; a hardworking , motivated workforce ; truly the land of opportunity where innovation has thrived . 
the status is changing , though . 
we are running a $ 670 billion annual trade deficit which is contributing to our federal budget deficit and slowed economy over the past few years . 
this development is not a temporary blip on the radar screen . 
it is the culmination of a generation of increased regulation , unsound tax policies , languishing emphasis on math and science education , unchecked health care costs , rampant lawsuit abuse , unfocused research and development funds and a weak trade policy enforcement . 
in short , our government has made it difficult and undesirable to do business in the united states . 
we have put roadblocks to keeping and creating jobs in america , and we have done this to ourselves . 
if these current trends continue , our economy will continue to lag and we will no longer remain the most dynamic economy in the world . 
meanwhile , china , india and other nations are preparing for the future . 
they are educating their students in math , science and technology , and pumping out record numbers of engineers . 
they are reducing tax rates and other economic barriers to entice investments in their nations . 
they are pursuing aggressive trade policies to reduce america 's dominance in world trade . 
without attention to these matters , the united states is headed towards a third-rate economy ; 5 , 10 , 20 years down the road , we will no longer be the world 's leader or even second place . 
we will become a third-rate economy . 
that is why we need to take this issue seriously . 
last year , we began the competitiveness legislative agenda on the floor , and over a period of 8 weeks , we discussed and voted on issues related to keeping and creating keeping jobs in america . 
later this summer , the jobs action team will again bring legislation to the floor to combat this problem . 
we need to take a longer-term vision . 
for this reason , i am initiating the house economic competitiveness caucus . 
the caucus will carefully examine the issues facing our ability to compete economically over the coming years . 
we will work to focus congressional efforts to removing the barriers to american economic competitiveness and develop economic goals for the future and find paths to get there . 
i encourage my colleagues to join me in finding ways to guarantee a vibrant , internationally competitive american economy now , 5 , 10 , 15 and 20 years down the road . 
our goal is to ensure high-quality and high-paying jobs for all americans today and in the future . 
