It is not only possible for manufacturing to lead the recovery of the U.S. with growth and hiring, it is a necessity. To help achieve a sustained economic recovery, our country needs a consumer-led commitment to buying American-made products, which supports American manufacturing jobs and employment.
In just the last 10 years the United States has lost out on approximately $2 trillion in cumulative trade deficits with China alone. Had that $2 trillion of forfeited production taken place in America, it would have generated — based on a conservative 30 percent tax rate — $600 billion of national revenue and created millions of jobs in the United States. And that is just getting us to a trade balance, so we can quickly dismiss accusations of protectionism.
First and foremost, consumers seek the best product at the best price. Country of origin is often an afterthought; only one in five Americans seriously considers it when making buying decisions, says America's Research Group.
The reality is that Americans probably underestimate the value of their buying decisions and how they can affect the nation's economy and future.
According to the Federal Trade Commission, the "Made in USA" standard means that "all or virtually all" of the product was made in the United States.
This contributes to the 22 percent higher price tag of doing business in the United States, which almost equals the total cost of production in China, says a study by the National Association of Manufacturers (NAM)/Manufacturers Alliance.
Ultimately, this affects U.S. jobs, export potential and even research and development. Economist Joel Popkin notes that during the recession of the early 2000s, more than 3 million manufacturing jobs were lost.
Our huge trade deficit, because we're importing far more than we’re exporting, stifles potential economic growth. The answer to America’s economic problems is in our own backyard. The answer is: buy American. In doing so, we’ll reduce our trade deficit, support a higher tax base and achieve greater economic growth.
If what you buy and where it is made is important to you, check to see if MI Printing can help you with your printing needs? Give us a call at 623.582.1302 and let’s find out!
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Phone: 623.582.1302
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