Obama Urges Manufacturers to Stay in the United States
President Barack Obama asked manufacturers to keep their plants in the United States. He made the speech at a Master Lock plant in Milwaukee. He urged businesses to avoid outsourcing and find ways to spur job growth in the country.
The president said that businesses should copy Master Lock, which is a union shop that has brought 100 jobs back from its overseas plants. He said that the iconic padlock maker is a proud example of what can happen when employers and unions work together to make jobs.
President Obama has proposed to change the tax code to attract companies to bring jobs back to the United States. This is one of the vital points in his jobs message. His administration wants to focus on making jobs even in industries that was not that successful in the past decades.
Obama said that his administration would hold a summit on insourcing and manufacturing in the fall. The United States would end tax breaks for companies that take jobs overseas and require all domestic companies to pay a basic minimum tax. That would make it more viable to locate manufacturing plants locally than in countries with lower tax rates.
President Obama said that the domestic job growth in the auto industry and at Master Lock can also happen in other industries. He added that the padlock plant is running at full capacity for the first time in 15 years.