Today, President Obama announced an action that will create more jobs in America and disuade companies from outsourcing employment opportunities.
Obama is calling on companies across the nation to invest in America at an "Insourcing American Jobs" forum at the White House.
The forum will focus on the increasing trend of insourcing – where companies are bringing jobs back to the United States and making additional investments here in America, according to a press release.
"I could not have enjoyed more the meeting that I had this morning, because what these companies represent is a source of optimism and enormous potential for the future of America," Obama said. "What they have in common is that they're part of a hopeful trend: They are bringing jobs back to America."
In the coming weeks, the president will propose new ways to encourage American companies to seize this opportunity to increase investment in the US, including putting forward new tax proposals to reward companies that choose to invest or bring back jobs to the United States, and to eliminate tax advantages for companies moving jobs overseas.
"We're in a make-or-break moment for the middle class and those aspiring to get in the middle class here in the United States," Obama said.
In conjunction with the forum, the White House today released a report that details the emerging trend of "insourcing" and how companies are increasingly choosing to invest in the United States. For example, real business fixed investment has grown by about 18 percent since the end of 2009.
In the past two years, 334,000 manufacturing jobs have been created, while manufacturing production has increased by about 5.7 percent on an annualized basis since its low in June of 2009, its fastest pace in a decade. In addition, continued productivity growth has – as several outside analysts have noted – made the United States more competitive in attracting businesses to invest and create jobs by reducing the relative cost of doing business compared to other countries.
Here are some of the people and companies that planned to attend today's forum:
Secretary John Bryson, Secretary Hilda Solis, Administrator Karen Mills, Ambassador Ron Kirk, Chair Fred Hochberg, NEC Director Gene Sperling, Chief of Staff Bill Daley, CEA Chairman Alan Krueger, Senior Adviser Valerie Jarrett, and Deputy Chief of Staff for Policy Nancy-Ann DeParle.
Ford (Mark Fields, President of the Americas); DuPont (Mark Vergnano, Executive Vice President); Otis Elevator Company (Randy Wilcox, President, North America); Intel (Brian Krzanich, Senior Vice President, General Manager, Manufacturing and Supply Chain); Siemens (Eric Spiegel, President and CEO, Siemens USA); ThyssenKrupp (Christian Konig, President, ThyssenKrupp North America); Lincolnton Furniture (Bruce Cochrane, President and CEO); GalaxE. Solutions (Tim Bryan, Chairman and CEO); AGS (Joe LoParco, Co-President); KEEN (James Curleigh, CEO); Chesapeake Bay Candle (Mei Xu, Co-Owner and President); and NOVO 1 (Mary Murcott, CEO).
"Because there is an opportunity to be had right here and right now. There are workers ready to work, right now. That's why I set a goal of doubling our exports of goods and services by 2014 –- and it's a goal, by the way, hat we're on track to meet; in fact, we're a little ahead of schedule in meeting that goal," Obama said. "I don't want America to be a nation that's primarily known for financial speculation and racking up debt buying stuff from other nations. I want us to be known for making and selling products all over the world stamped with three proud words: 'Made in America.' And we can make that happen."
