This morning NAM President and CEO Jay Timmons testified before the Joint Economic Committee on the state of manufacturing in the United States. The hearing was titled “Manufacturing in the USA: Why We Need a National Manufacturing Strategy.”
Here is a brief excerpt of Jay’s testimony before the committee:
Nonetheless, the NAM remains concerned about the significant challenges faced by manufacturers in the United States. Despite the critical role the industry plays in the economy, taxes, legal costs, energy prices and burdensome regulations make it 18 percent more expensive to manufacture a product in the United States than in any other country. That’s without even taking into account labor costs.
Layered on top of these higher costs is the broad uncertainty faced by American businesses that includes “on-again, off-again” tax policy and an unpredictable regulatory environment. Manufacturers also increasingly are concerned about the impact of the historically-high levels of the federal deficit and the national debt on manufacturing and the overall U.S. economy.
The NAM will continue to push for the policies we have outlined in our “Manufacturing Strategy for Jobs and a Competitive America.” This blueprint will help boost the competitiveness of manufacturers of all sizes which is essential for our economy and job creation.
To watch the video of today’s hearing please click here:
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