ITIF Leads Broad-based Group in Creating Manufacturing Charter
WASHINGTON - ITIF and nearly two dozen individuals representing a diverse group of organizations unveiled A Charter for Revitalizing American Manufacturing. This set of policies would help restore this critical sector and revive overall economic growth.
The charter is the product of a collaboration by individuals from business and labor organizations, think tanks, non-profits, and academic institutions. Their unanimous support for the charter underscores the broad consensus on the fundamental importance of manufacturing and considerable agreement on how best to revitalize it. Signatories to the charter plan to present it to lawmakers and Administration officials over the coming months.
"The consequences of our neglect of manufacturing are being played out in a historic recession and fragile recovery. We need a new course as soon as possible," said ITIF Senior Analyst Stephen Ezell. "Without a robust manufacturing sector we will not have enough job opportunities, nor sufficient innovation and R&D to stay globally competitive. Manufacturing is also critical to national security and getting our trade accounts back in balance. I hope policymakers will adopt the recommendations in the charter."
While the United States retains important strengths in manufacturing, U.S. manufacturing firms continue to face many challenges as international competition has intensified. The country needs a coherent national manufacturing strategy centered on U.S.-based investment, innovation, and production. The strategy should be based upon the "Four T's:" Technology, Trade, Tax, and Talent.
A Charter for Revitalizing American Manufacturing includes these core goals:
-Expanding the Administration's goal from doubling exports to transforming the U.S. into a net exporter of manufactured goods.
-Making the U.S. the world's best manufacturing environment, in part by ensuring that U.S. manufacturers ha