Obama’s speech earns praise, challenge from NAM
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."