WASHINGTON (AP) — President Barack Obama is making a strong election-year push for an economic revival “built on American manufacturing.” But he faces an uphill slog, with little consensus even within his own party on how to do it.
For decades, the United States has gradually shifted from creating goods to providing services. Fifty years ago, a third of U.S. jobs were in manufacturing. Now, according to the Bureau of Labor Statistics, they account for just 9 percent.
A manufacturing renaissance is being preached from the White House and on the Republican campaign trail. But economists suggest plans to help boost manufacturing may make more political sense than economic sense.
Obama’s proposing tax incentives for companies, and other ideas, few of which are likely to be enacted in this highly charged election year.