I understand the importance of manufacturing to our nation's economic leadership and prosperity. Our economic growth is powered by manufacturing. Catch this fact: By itself, U.S. manufacturing output is greater in size than the eighth largest economy in the world. Our manufacturers pioneer the innovations, technology and methods that maintain this nation's economic leadership.
And it's important that we remain the economic leader in the world, for the good of our people. Manufacturers are responsible for nearly three-fifths of all private sector research and development.
In other words, if you want to be the economic leader, you must have research and development to constantly stay ahead of the competition. And the manufacturing sector of the United States spends a lot of money making sure this country is innovative.