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A Framework for Revitalizing American Manufacturing
EXECUTIVE OFFICE OF THE PRESIDENT WASHINGTON DC
Pagination or Media Count:
Americas manufacturers are at the heart of our countrys economy, providing good-paying jobs for millions of American families. The U.S. manufacturing sector is today the worlds largest indeed, by itself it would represent the 9th largest economy in the world. Nevertheless, manufacturing today faces enormous challenges. Manufacturing workers have paradoxically often been victims of their sectors own success, as rapid productivity growth has meant that goods can be produced with fewer workers, contributing to a several decades-long trend of declining employment. This trend has been compounded by the shift of consumer spending from manufactured goods like TVs and cars to services like tourism, dining out and healthcare as well as increased consumption of manufacturing goods made elsewhere. And the recent downturn has been particularly painful for manufacturing companies, their workers and the communities that rely on them. Despite these challenges, many sectors of American manufacturing have the potential to enjoy significant growth and success. With the right policies, America can foster successful industries like biotechnology, wind power, nanotechnology, aerospace, next generation automobiles, and perhaps more importantly the industries of the future that we do not even know about today. Although the talent and hard work of Americas entrepreneurs, innovators, and workers will drive these businesses, there is a critical role for sound government policy. Beginning with key facts and assumptions, this report analyzes the cost drivers in each step of the manufacturing process and suggests a framework for designing appropriate government support in each of these areas.
APPROVED FOR PUBLIC RELEASE