Study: U.S. loses its competitive edge during Obama administration

The World Economic Forum has released its Global Competitiveness Report, which shows the United States in fourth place for where companies should do business.

Two years ago, the U.S. was ranked first.

The forum identified high taxes and onerous regulations for dulling the competitive edge of the United States.

"This disturbing news makes it clear that the administration and the Congress must take immediate action," Aerospace Industries Association (AIA) President and CEO Marion Blakey said in prepared remarks. "We cannot risk falling further behind in today's competitive global economy."

To make the country more competitive, the AIA urges Congress to make the research and development tax credit permanent, reduce the corporate tax rate and reinstate bonus depreciation for companies.