President Barack Obama signed into law yesterday the Manufacturing Enhancement Act, legislation aimed at strengthening the nation’s manufacturing economy.
The bill will create jobs and spur competition among companies by reducing or eliminating import tariffs, boosting output, supporting American jobs and lowering prices for American consumers.
“For too long, we’ve been buying too much from the rest of the world, when we should be selling more to the rest of the world,” the president said. “That’s why, in my State of the Union address, I set an ambitious goal for this country. Over the next five years, we are going to double our exports of goods and services, an increase that will grow our economy and support millions of American jobs.”
This year, the manufacturing sector has added 183,000 jobs, but employment growth still has “a long way to go,” Obama said.
The National Association of Manufacturers says studies show the bill would increase production by $4.6 billion and support 90,000 jobs.
Obama used yesterday’s address to also urge Congress to invest $5 billion in clean energy manufacturing tax credits, which he explained will generate $12 billion or more in private-sector investment and tens of thousands of new jobs.
“And as I’ve said before, the nation that wins the race for the clean energy economy will lead the 21st century economy,” Obama said. “Other nations know this. They’ve been investing heavily in that future. They want those jobs. But the United States of America doesn’t play for second place. We compete to win.”