An increase in exports alone won't import solutions
President Obama continued a week of touting his track record on the economy today during a meeting with his advisory council on international trade. The president highlighted his administration’s work in doubling exports by 2015.
We're now at a point where domestic production is actually starting to exceed imports -- across all these fronts, there are some very positive pieces of news. But I tell you, one of the biggest bright spots in our economy has been exports; the fact that "Made in America" means something and has provided a boost to our domestic economy, and has reminded the world just how competitive we are.
We agree, Mr. President — “Made in America” means something. But increasing our exports won’t mean much if we don’t reduce our imports. And to another point, we must begin exporting high-value-added goods that reflect the U.S. as the industrial power it is.
ReMaking America editor Richard McCormack elaborates:
To an alarming extent, the United States imports high-value-added manufacturing goods and exports waste paper, scrap metal, raw materials, bulk food, forest products, animal feed and chemicals—products that are more typical of a developing country’s exports than those of a high-tech industrial power.
Increasing our exports is a move in the right direction, but it's only part of the equation. We need balance: We need to cut imports down to size, while we make sure to export more advanced goods.
Order a copy of ReMaking America right here.
Related recent Blogs
- Labor Day Travel a Reminder Why We Need Infrastructure Investment • by elizabethbb • 08/29/2014
- Terri Lynn Land’s Transportation Plan is… Interesting • by elizabethbb • 08/28/2014
- Made in China: “A Mistake That Will Be Hard to Turn Around For Decades” • by elizabethbb • 08/27/2014
- American Workers Remind Us What Labor Day Is All About • by TGarland • 08/26/2014
- Burger King Brouhaha Shows Tax Reform Debate Will Be Potent • by mmcmullan • 08/26/2014
- The Fourth Option: A National Manufacturing Strategy • by mmcmullan • 08/25/2014
- ITC Finds South Korean Dumping of OCTG Pipe: Alliance for American Manufacturing (AAM) Statement. • by scapozzola • 08/22/2014
- Trade Data Pours Cold Water on "Rising Star" Outlook for American Manufacturing • by mmcmullan • 08/21/2014
- U.S. Named Among “Rising Global Stars” in Manufacturing • by elizabethbb • 08/20/2014
- If America Won’t Invest in America’s Infrastructure, China Will • by elizabethbb • 08/19/2014