NATIONAL SECURITY STRATEGY minded allies and partners to ensure our principles prevail and the rules are enforced so that our e c o n o m i e s p r o s p e r. The United States will pursue an economic strategy that rejuvenates the domestic economy, benefits the American worker, revitalizes the U.S. manufacturing base, creates middle-class jobs, encourages innovation, preserves technological advantage, safeguards the environment, and achieves energy dominance. Rebuilding economic strength at home and preserving a fair and reciprocal international economic system will enhance our security and advance prosperity and peace in the world. ulation burdened small businesses. Banking regulations squelched new bank formation and caused hundreds of small banks to close. Regulation decreased credit availability to consumers and decreased product choice. Excessive environmental and infrastructure regRebuilding economic ulations impeded American strength at home and energ y trade a nd the develpreserving a fair and opm ent of n ew i n f r a s t r uc t u re proje c t s . reciprocal international economic system will Moreover, the poor state of our physical infrastructure stultienhance our security and fied the economy, reduced the advance prosperity and profitability of American small peace in the world. businesses, and slowed the productivity of American workers. America’s digital infrastructure also fell behind. Improvements in ba ndwidth, better broadba nd connectivity, and protection from persistent cyberattacks are needed to support America’s future growth. Economic and personal transactions are dependent upon the “.com world,” and wealth creation depends on a reliable, secure Internet. Economic challenges at home demand that we understand economic prosperity as a pillar of The Administration is dedicated to rejuvenatnational security. Despite low unemployment ing the U.S. economy, unleashing the potential of rates and stock market gains, overall economic all Americans, and restoring confidence in our growth has, until recently, been anemic since free market system. Promoting American prosthe 2008 recession. In the past five years, gross perity makes America more secure and advances domestic product (GDP) growth hovered barely American influence in the world. above two percent, and wages stagnated. Taxes increased, and health insurance and prescripPriority Actions tion drug costs continued to rise, albeit at a slower pace. Education costs climbed at rates far above REDUCE REGULATORY BURDENS: Departments and inf lation, increasing student debt. Productivity agencies will eliminate unnecessary regulations growth fell to levels not seen in decades. that stifle growth, drive up costs for American businesses, impede research and development, disSignificant government intrusion in the economy courage hiring, and incentivize domestic busislowed growth and job creation. Regulatory and nesses to move overseas. We will balance our corporate tax policies incentivized businesses to invest overseas and disadvantaged American comreduction in regulations with adequate protecpanies against foreign competitors. Excessive regt ion s a nd oversig ht . Rejuvenate the Domestic Economy 18