In his latest State of the Union address, President Obama called for new manufacturing initiatives as a way to “bring jobs back home.” The president outlined, in general terms, the use of manufacturing hubs to coordinate efforts based on technological advances. He also asked Congress to allocate $1 billion for investment in a network of hubs.
This time, it appears that the country’s leaders are paying more than just “lip service” to the needs of domestic manufacturers. The president and Congressional members from both sides of the aisle have pledged support for new initiatives in this area. At the same time, the President has reiterated a previous call to reduce the corporate tax rate for manufacturers to 25 percent, as well as advocate expansion of permanent tax credits for research and development.