The U.S. Business and Industry Council has developed an excellent strategy for revitalizing our nation's industrial capacity. There is no question that America needs a national industrial policy to rebuild the manufacturing sector. Here are the highlights from the Council's Plan For American Industrial Renewal:
The United States faces a manufacturing emergency. Unless serious measures are taken soon, America will become a second-class manufacturing power, greatly diminishing its own future economic prospects. National security and flexibility in foreign affairs will be severely compromised. The international imbalances created by the manufacturing crisis will push the world into a major dollar crisis and could cause a major depression.
The Federal government has failed to combat predatory foreign trade practices aimed at undermining U.S. producers in their home market. Perversely, Washington has responded to these failures by encouraging U.S. manufacturers to supply our market from low-cost third world production platforms like Mexico and China.
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