Manufacturing accounts for 26 percent of our national economic growth since 2009. Over the same period, our workers and factories have become more productive, leading companies to open their businesses here in the United States instead of overseas. This, in turn, creates good, middle-class jobs jobs and generates broader economic benefits for the communities where these companies choose to set up shop, and our economy as a whole. In fact, since February of 2010, the industry has added 485,000 jobs.
But more can be done to continue this trend. On Tuesday, President Obama traveled to Albany to introduce his To-Do List for Congress, a list of 5 initiatives that will create jobs and help the middle class—if Congress takes action before leaving for summer recess. The first item on that list: pass legislation that gives companies a new 20 percent tax credit for the cost of moving their operations back to the U.S. and pay for it by eliminating tax incentives that allow companies to deduct the costs of moving their business abroad.
Want to know what else is on the To-Do List? Check it out here
Ed. note: This post was updated on May 17.