Economic Growth
Madam President, on a final matter, yesterday, the White House hosted a ``Made in America'' showcase, featuring products that were manufactured in each State, including from Stoneware & Co., in my home State, which makes the famous…
Madam President, on a final matter, yesterday, the White House hosted a ``Made in America'' showcase, featuring products that were manufactured in each State, including from Stoneware & Co., in my home State, which makes the famous Louisville stoneware kitchen and dining sets.
Well, talking about reviving American manufacturing is nothing new in this town. In his 2013 State of the Union Address, President Obama insisted that ``our first priority is making America a magnet for new jobs and manufacturing.''
Every few years, it seemed our Democratic friends over in the House would hold yet another press conference to talk about getting manufacturing moving. So rhetoric was not in short supply during the Obama era. What was harder to come by were actual results. On President Obama's watch, on net, our country lost more than 300,000 manufacturing jobs.
Year after year, Democratic policies led to insufficient, sluggish, and uneven economic growth that left much of the country behind. Eight years of this so-called recovery couldn't even get us back to the same number of manufacturing jobs that we had when President Obama first took his oath of office.
There are a number of reasons why. Yet here is one thing we heard loud and clear from U.S. manufacturers: High taxes, heavy regulations, and other Democratic policies put the wind squarely in their faces. Back in 2013, more than 75 percent of U.S. manufacturers said a hostile climate due to taxes and regulations was a major business obstacle.
What about the present? What about now?
This united Republican government has put an end to one burdensome regulation after another. We cut through the redtape that held back small businesses, local lenders, and manufacturers. We overhauled the Tax Code, leaving families with more to spend and invest and leaving job creators with more flexibility to compete and win.
What were the results?
Less than 2 years into the new administration, an all-time high of 95.1 percent of U.S. manufacturers have a positive outlook. Now fewer than one in five says a hostile business climate due to things like taxes and regulations is a top obstacle, and more than two-thirds are planning to hire this year. These aren't just numbers; this is real life.
At Jamison Door in Hagerstown, MD, tax reform made possible a 400- percent increase in plant size.
In my home State of Kentucky, it is estimated that more than 1,000 construction jobs will be needed to help build a new aluminum rolling mill for Braidy Industries. Over the next 7 years, tax reform is expected to save the company--listen to this--$150 million, which will help to support this investment and the 600 permanent new jobs the company estimates it will create in the Commonwealth.
So let's sum it up. Republican policies have helped generate the very outcomes Democrats claim they wanted. American manufacturing is thriving on our watch, but now Democrats aren't cheering. In fact, they have tried to block most of the policies that have helped this happen.
They voted against tax reform--every Democrat in the House and the Senate. They have protested regulatory reform every step of the way. They want to go right back to their old ways--repeal the Tax Cuts and Jobs Act, raise taxes, and pile on more crushing regulations.
We are not going to let that happen because we agree that manufacturing growth is vital for American prosperity, and unlike our friends across the aisle, we have the ideas and the policies to help make that goal into reality.