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
- What's funding the military buildup in China? • by TGarland • 04/23/2014
- Quote Of The Day: "It's time the administration stiffened its spine" on trade issues • by mmcmullan • 04/22/2014
- Foxx takes to the road to push for transportation fixes • by mmcmullan • 04/17/2014
- Obama vs. Bush: Who actually made more progress in revaluing China’s yuan? • by scapozzola • 04/16/2014
- Treasury decision on China currency will cost U.S. jobs: Alliance for American Manufacturing (AAM) Statement. • by scapozzola • 04/15/2014
- Gathered in the USA • by TGarland • 04/15/2014
- OPINION: Fix the vulnerable defense industrial base • by mmcmullan • 04/14/2014
- April 14, 2014: Opinions, opinions, and Peeps • by mmcmullan • 04/14/2014
- Fashion Friday: Accessorizing the American-made way • by LRaup • 04/11/2014
- Manufacturing Jobs & #EqualPay • by LRaup • 04/11/2014