Reclaiming the Top Spot for US Manufacturing

 
The lagging recession and the recent news that China is set to overtake the United States in global manufacturing has helped to focus congressional action on getting our country back on track to being the world's top manufacturer. Without a focused plan to advance our domestic manufacturing sector, we will concede a vital component of our nation's economic strength, lose middle class jobs and become more dependent on foreign economies like China. That is a dangerous scenario that will compromise our economic and national security over the long haul. Frankly, we cannot expect a real economic recovery without a resurgence in manufacturing, and we cannot achieve that while we allow other countries to bend the rules and undercut American companies.
 
Below are some of the ways I've have been working to hold foreign governments like China accountable, restore those lost jobs and revitalize this tremendously important industry.
 
Developing a National Manufacturing Strategy
 
One piece of legislation moving through Congress is HR 4692, the "National Manufacturing Strategy Act." The bill would convene a Blue Ribbon panel of Cabinet secretaries, federal department heads and two governors to identify and set goals for ways the US can boost our manufacturing sector, by re-examining things like our tax climate, environmental regulations and labor policy which have a major impact on the cost of doing business. This nationwide effort has wide, bi-partisan support among the American public which you can review in a polling brief written by the Alliance for American Manufacturing.
 
I was astonished to learn that the bill's authors, however, failed to include anyone from the business or manufacturing community on this manufacturing panel. In my comments during discussions over the bill, I said we need "people who have actually done this for a living, not people who have talked about it, read about it, or stayed at a Holiday Inn Express last night." As a result, the final bill was revamped to include nine private sector leaders to help set strategic manufacturing goals for our nation. The bill passed the House on July 28th with my support and awaits passage in the Senate.
 
Chinese Currency Manipulation
 
As part of this national strategy, a critical componentof American access to global markets is addressing the illegal actions of China 's currency manipulation, which subsidizes their exporters who then sell goods at artificially low prices here in the US . It undercuts our manufacturers, puts them out of business, and kills American jobs. And it also helps to keep our trade imbalance with China so out of whack: an extraordinary 83 percent  of America's non-oil trade deficit is with China.
 
I've made no secret of my disdain for these policies resulting in cheap manufactured goods from overseas being dumped into our domestic markets. My bill, the "Currency Reform for Fair Trade Act" (HR 2378) has 133 co-sponsors and resolves many of the inequities in our trade relationship with China.
 
I know that American businesses can compete with anyone, anywhere, so long as all parties operate on the same competitive playing fieldfollowing the same set of rules. Right now, China has a distinct advantage, and we cannot expect the hemorrhaging of American jobs to subside if Congress sits on the sidelines and allows China to continue these harmful policies. Many in Congress have joined me in calling for retaliatory relief in the form of tariffs or increased duties on these imported goods, to protect American businesses and workers.
 
Keeping Foreign Governments Out of US Steel Companies
 
As Vice-Chair of the Steel Caucus in Congress, I helped lead bi-partisan efforts along with Chairman Pete Visclosky (D-IN) in rallying 50 members of Congress against a looming Chinese purchase of a 14% stake in a Mississippi steel facility. Anshan Iron and Steel is run by the Chinese government, and it's my belief that this purchase would allow China to further undermine our domestic steel market. This is an issue that gets deep into our national security, by allowing foreign governments to take ownership stakes in industries that are absolutely vital to our own infrastructure, and our industrial and military might. Allowing this deal to move forward would create a dangerous precedent that would be difficult to unravel.
 
You can read about the Steel Caucus' efforts in working to stop this deal, by clicking here. Last Thursday, it seemed our efforts were a success when a Chinese official told the press that Anshan was backing out of the deal due to pressure from US lawmakers. However, in the latest example of inconsistent statements from Chinese officials, Anshan flip-flopped and said Friday they are in fact not backing out of the deal.
 
The Steel Caucus in Congress will continue working to make the public aware of this deal, to finally put a stop to it. The Association for American Manufacturing acknowledged our work, and had some kind words which you can read here.
 
Summary
 
By keeping a laser-like focus on the segment of our economy which produces goods (and not just the service sector) we will create real wealth, protect jobs and ensure a vibrant future for our domestic economy.
 
-Tim Murphy


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Posted by Tim Murphy
August 26, 2010 10:00 pm
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