Obama's speech earns praise, challenge from NAM
Job creation, tax cuts the key, association says
National Association of Manufacturers president John Engler said President Obama's emphasis on jobs creation in the State of the Union Speech Wednesday night must be followed by job-growth proposals in Congress, including tax reductions for businesses.
"America continues to face an unemployment rate of 10% and many of the industrial sectors of the economy are still struggling to recover from our nation's worst economic downturn since the Great Depression. We commend the President for focusing on jobs as we need to take immediate action to get Americans back to work," Engler said. "However, we need policies that encourage job creation and help us to be more competitive in the global economy. Government doesn't create jobs - business does.
"Yesterday, the NAM submitted an economic analysis conducted by the respected Milken Institute that shows more than 11 million jobs can be created in the U.S. in this decade alone by reducing our corporate tax rate, establishing a better and permanent R&D tax credit, modernizing the U.S. system of export controls and making investments in energy, broadband and transportation infrastructure."
"The research clearly shows the economic impact these actions would have on our country's short and long term competitiveness. Now is the time to stop talking and start taking action," Engelr added. "We look forward to working with the President and Congress on these important proposals in the coming days and weeks."
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey