Home / Knowledge / News / Textiles / 'Buy American' critical to US economic recovery - AMTAC

'Buy American' critical to US economic recovery - AMTAC

22
Jun '09
Pointing out that the United States is mired in its worst economic recession since the Great Depression and that:
• the United States has lost 6 million non-farm jobs since December 2007 and U.S. non-farm employment is lower today than it was in November 2000;
• U.S. private sector employment is lower today than it was in November 1999;
• U.S. manufacturing employment is lower today than it was in June 1941;
• U.S. manufacturing has lost 5.35 million jobs in the last decade, including 1.57 million in the last year;
• in April, the United States suffered its first 10-year drop in industrial production since 1929-39 while the U.S. resident population increased by an estimated 36.5 million people (13.5 percent growth) during the same time period;
• the United States ran a $30 billion current account deficit with Canada in 2008 and has run a cumulative $331 billion current account deficit with Canada since 1998;
• the United States ran a $673 billion current account deficit in 2008 and has run a cumulative $5.85 trillion current account deficit since 1998;
• combined U.S. household and federal debt stood at $24.9 trillion at the end of 2008, doubling since the bursting of the dot.com financial bubble in 2000; and,
• the combined U.S. and federal household debt of $24.9 trillion was 175 percent of the $14.2 trillion U.S. Gross Domestic Product (GDP) at the end of 2008;

American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo said, “'Buy American' is critical to U.S. economic recovery. The only way for the U.S. economy to climb out of recession is for people to start buying more American-made goods and services, including the U.S. government.”

“By holding a joint press conference today with the Canadian Manufacturers and Exporters to decry the 'Buy American' provisions in the stimulus, the U.S. Chamber of Commerce is effectively suggesting that America needs to buy more Canadian to dig out of our economic hole. That position doesn't pass the U.S. economic interest laugh test,” Tantillo continued.

“The U.S. Chamber in Washington should change its name to the 'Chamber for Offshoring U.S. Jobs' to properly reflect its policy positions,” Tantillo added.

“Main Street thinks that buying American is a great idea. Outside of Washington, D.C. and Wall Street, the average American understands that the $787 billion stimulus package will not create jobs if it is used to buy foreign-made goods. They know that running up trade deficits causes more job losses,” Tantillo continued.

“Just because some of the Chamber's multinational members are put in a spot of difficulty doesn't mean that the United States should reverse its 'Buy American' policy. What is good for one company or even a handful of companies is not necessarily what is good for the rest of the U.S. economy,” Tantillo said.

Tantillo also noted that the stimulus package was written in a manner consistent with U.S. international trade obligations and that Canada's trade agreements also explicitly allow them to exclude U.S.-produced goods and services from Canadian government procurement.


Must ReadView All

Pic: Shutterstock

Textiles | On 20th Oct 2020

US, Brazil update agreement on trade, economic cooperation

The United States and Brazil yesterday signed a new protocol relating ...

Pic: Shutterstock

Textiles | On 20th Oct 2020

China building more competitive mulberry silk industry

China is striving to build a more competitive mulberry silk industry...

Pic: Shutterstock

Textiles | On 20th Oct 2020

CBN invests N120 bn to revive Nigeria's textile sector

The Central Bank of Nigeria (CBN) recently said it had invested over...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Social media critical in regeneration of businesses

Karan Toshniwal, Orange O Tec

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Smarth Bansal, Colorjet India Limited

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Zafer Demirel,

Zafer Demirel

Turkey's Canlar Mechatronics is a leading designer and manufacturer of...

Marcus Hardelauf,

Marcus Hardelauf

Germany-based Textechno is one of the leading manufacturers of testing...

Atul Mittal,

Atul Mittal

Established in 1997, Pratibha Syntex produces over 60 million pieces of...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Robert Brookins, Alexium International

Robert Brookins
Alexium International

Alexium International is a specialty chemical development company...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search