San Francisco (Obama.net)- For most of the last century, the United States of America was known as the Empire of Production. Companies in the United States made the majority of the goods consumed in both America and the rest of the world. The trade balance favored America as the exports highly outnumbered the imports from other states. However, a shift took place in the latter part of the twentieth century.
America became the Empire of Consumption. The imports began to outnumber the exports. Companies got greedy and outsourced jobs in order to increase profit and salaries for executives. At the end of former President George W. Bush’s second term, the imbalance in American trade was at an all time high. And the economic crisis did not help the situation in any way.
President Barack Obama, as part of his ever important quest to restore the American economy, is doing all that he can in order to make the United States the Empire of Production once again.
As part of that effort, on Wednesday President Obama signed a new bill into law. The measure limits or disallows taxes paid by companies in the United States on specific materials that they import in order to make their products.
Obama touted the fact that both Republicans and Democrats voted to pass the Manufacturing Enhancement Act in Congress, showing that bipartisan support can happen in America.
Obama said, “Our economy has fallen into the habit of buying from overseas. It is vitally important that we reverse that trend.”
Obama has the hope of doubling America exports by the beginning of 2014. Statistics show an increase in American exports in the last year.
The new bill encourages more American exports to the rest of the world.
Obama believes that the United States market can once again become the best in the world and rely less and less on the markets of other nations.
Obama made it clear that “when the playing field is even, American workers can compete with anybody” in the world.
As the economy is slowly rebuilding, Obama has taken another step in the direction of resurrecting America’s financial system.