By Jason Summers
U.S. President Barack Obama has said that the tedious restructuring of the country's manufacturing base has permanently done away with a lot jobs, but it doesn't mean that Americans must "settle for a lesser future."
Obama said in his weekly radio and Internet address today that American manufacturers are reinventing themselves with new technology and new efficiencies, which according to the government have helped create 3.7 million new jobs over the past two years. He said, "Factories where people thought they'd retire have left town. Jobs that provided a decent living have been shipped overseas" and will not return. "But that doesn't mean we have to settle for a lesser future."
Obama's address was recorded on Friday as he visited a giant Boeing Co. manufacturing plant near Seattle. He toured a modern factory floor and the inside of one of the company's new flagship Dreamliner passenger jets. In his address, Obama said, "Companies like Boeing are realizing that even when we can't make things cheaper than China, we can make things better. That's how we're going to compete globally."
Meanwhile, during the Republican address, Washington Rep. Cathy McMorris Rodgers accused Obama of overspending which she claimed would deal a financial implosion in the U.S.A. like the one in Greece. She said, "Instead of leading the effort to bring down our debt and make tough choices, the president is proposing that we spend more and more."
At the Boeing factory, Obama also announced measures to offer financing to U.S. companies to help match that of their foreign competitors, in order to help domestic industries compete better. Obama also urged the Congress to extend the authorization of Export-Import Bank. White House officials have said that the bank will reach its lending limit at March end, while Obama called it a key player in pushing American exports.
The Obama administration also revealed that Boeing would participate in an Export-Import Bank program, which helps firms advance money to suppliers on export-related contracts. The White House said that in 2012, Boeing would be committing to over $700 million in short-term credit, and that with the arrangement, the company would compete better for foreign clients against European manufacturer Airbus.
Obama, who faces re-election, claimed a decline in unemployment, as well as a recent boost in manufacturing jobs as he tried to point that the economy is headed for better pastures. Republicans seeking the White House, however have accused Obama of being unable to pull out the economy from a deep recession.
