Obama shines light on manufacturing industry during State of the Union address
January 29, 2014 By MA Staff with files from the Associated Press
President Barack Obama urged Congress to help restore opportunity for Americans, but pledged to take action himself Tuesday in his fifth State of the Union address before Congress.
Among the highlights, President Obama said he wants to lower tax rates for businesses that create jobs in the U.S., and promised to launch more high-tech manufacturing hubs, in addition to the two that were launched this year.
Below is an excerpt from his address.
“Opportunity is who we are. And the defining project of our generation is to restore that promise. We know where to start: the best measure of opportunity is access to a good job. With the economy picking up speed, companies say they intend to hire more people this year. And over half of big manufacturers say they’re thinking of insourcing jobs from abroad. So let’s make that decision easier for more companies. Both Democrats and Republicans have argued that our tax code is riddled with wasteful, complicated loopholes that punish businesses investing here, and reward companies that keep profits abroad. Let’s flip that equation. Let’s work together to close those loopholes, end those incentives to ship jobs overseas, and lower tax rates for businesses that create jobs here at home,” he said.
“We also have the chance, right now, to beat other countries in the race for the next wave of high-tech manufacturing jobs. My administration has launched two hubs for high-tech manufacturing in Raleigh and Youngstown, where we’ve connected businesses to research universities that can help America lead the world in advanced technologies. Tonight, I’m announcing we’ll launch six more this year. Bipartisan bills in both houses could double the number of these hubs and the jobs they create. So get those bills to my desk and put more Americans back to work.”