President Obama Signs “Made in America” Bill into Law

President Obama signed a bill into law that he believes will improve the job prospects for millions of Americans over the next five years.  The bill, affectionately called “Made in America”, aims to bring manufacturing companies back to the U.S. so that America can begin selling goods to the world instead of buying everything from a foreign country.

The Manufacturing Enhancement Act of 2010 is the first step in the President’s plan to double the exports of American goods and services over the next five years.  The bill aims to help create American jobs, and allow American manufacturing companies to compete in the global marketplace. 

Often times manufacturers have to import certain materials to make their products.  One of the biggest reasons companies decide to open plants in countries other than America is due to the high tariffs placed on those imports.  The new bill will significantly reduce or eliminate the tariffs on imported materials used in manufacturing plants.  By lower the cost of the raw materials it takes to produce products, the Presidents hopes companies will be more willing to open plants in the United States and provide jobs for American workers.

If successful, the bill would also have the effect of lowering the cost of many products for American citizens.  If more products are made at home, the retail price for those products will eventually decrease because companies will no longer need to pay import taxes to get the merchandise in front of American consumers.

While the President admits that a long road lies ahead in the recovery from the current economic meltdown, he feels confident that the “Made in America” bill is a step in the right direction.

Log in