NAM President John Engler’s weekly radio commentary on the NAM’s radio program, “America’s Business with Mike Hambrick,” addresses the broad issues facing manufacturers and the United States in the current financial crisis. You can listen to his “The Last Word” here. A transcript:
At the National Association of Manufacturers we’re very concerned about the financial storms that have shaken Wall Street and America’s economy.
There are business considerations, of course. Manufacturers frequently require outside capital when they invest in new equipment, expand their operations or acquire other businesses. If sources of credit dry up, well, that can be a very serious matter for the manufacturing sector, one that certainly would reverberate throughout the U.S. economy.
As employers and members of communities across America, U.S. manufacturers also understand the very human and personal element, the anxiety that people have about their investments, their retirement, their jobs, their future. We share those concerns.
And at the same time we’ve got confidence in the strength of America and America’s ability to pull through.
Remember these facts as we go through this wrenching debate.
The United States remains home to the most successful economy in the history of mankind.
American manufacturing continues to achieve record productivity, a new record again last year.
And our democratic institutions are responding. Sometimes it takes a major challenge to shake things up and to get government to work.. In Washington, Secretary Paulson and, indeed, Congress itself seems to be responding.
We need to learn from the mistakes that have been made. We need to focus on what has been working and what will work in the future.
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