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Get Ready For A Huge Obama Backed Manufacturing Surge
President Obama has made it his priority to invest in America, specifically in manufacturing and infrastructure. His 2013 budget, which will most likely be opposed by every Republican calls for $350 billion in short-term measures for job growth, and a six-year, $476 billion proposal for roads and other surface transportation projects according to the Wall Street Journal.
President Obama is also talking about the largest sweeping reform to the tax code since President Reagan did it in 1986. His recent call is to lower the corporate income tax as well as close all the bullet holes shot into the tax code by special interests.
In a report by Reuters oil and gas subsidies will be eliminated, while increasing tax breaks for high tech companies. Republicans are crying foul on this. In President Obama’s proposal there will be enormous tax credits and breaks for patriotic companies who choose to stay here in the United States rather than move American jobs to foreign low wage countries. This is sure to increase employment in America as well as increase wages for American families who have seen their income remain stagnant or drop for too many years.
Now getting back to the manufacturing sector, a recent report by the Empire Fed, they asked companies about investing and capital expenditures. The survey showed that the companies want to increase capital investments by 29% over last year.
This survey was in conjunction with the release of data concerning manufacturing activity, which rose six points, to 19.53. It seems that President Obama’s economic plans are working. He lowered taxes on middle class families, rather than the Republican plan of cutting taxes for the already wealthy which gave the American consumer more spending power. He invested in infrastructure and manufacturing last year and the year prior which also increased employment and wages of millions of Americans.
All of this good economic news shows that President Obama’s plan is helping this recovery. His 2013 budget will only bolster, strengthen and speed up the recovery.
This is the reason, the GOP is moving slightly away from talking about the economy and moving to the wedge issues, like the birth control issue, Gay marriage and abortion. The more they talk about the economy the more likely President Obama will win the election because it sheds light on the prosperity that is on the horizon, if we continue on Obama’s path.
Image: Today’s Machine World