News, Free Trade Agreements Good for U.S. Jobs: U.S. Commerce Sec. Says World is "Hungry" for Goods Made in U.S.A.
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The US is actually still the world's leading manufacturer. It doesn't seem that way because few of us buy airplanes, military hardware or heavy equipment. And, as one pointed out, we are the low cost producer for many agricultural goods.
In terms of manufacturing as a percent of GDP the percentage has been falling for the past 30 years. It's now about 9% of GDP.
Just over a year ago in his State of the Union Address, President Obama pledged to create 2 million jobs by doubling exports by 2015.
U.S. Commerce Secretary Gary Locke – along with the President’s Export Council – has been tasked with making this goal a reality. “Last year we grew exports at 17 percent,” Locke tells Dan and Aaron in the accompanying video. “As long as we increase exports about 14 percent per year…we will reach the President’s goal.”
Under Bush, goods export doubled in 6 years, from $696 in 2002 to $1.30 trillion in 2008. So a second goal of doubling in 5 years when we have essentially been there and done that is not all that aggressive.
There is a correlation between export and value of dollar. 2002 was the beginning of a sharp decline in the value of dollar. Weak dollar prompts higher exports. This is also how companies like Honda have managed their import-export equation.
Quote:
Originally Posted by albion
The labour costs in those countries are low, and western economies simply can't compete with that.
Not necessarily. Germany does well. Among non-western but well developed economies, I would say that Japan does too.
Just over a year ago in his State of the Union Address, President Obama pledged to create 2 million jobs by doubling exports by 2015.
U.S. Commerce Secretary Gary Locke – along with the President’s Export Council – has been tasked with making this goal a reality. “Last year we grew exports at 17 percent,” Locke tells Dan and Aaron in the accompanying video. “As long as we increase exports about 14 percent per year…we will reach the President’s goal.”
i remember how prized a pair of levis were in eastern europe before the berlin wall came down.
today, the average hungarian can easily buy a brand new pair of levis, but the chance of them being made in the US is zero.
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