So what would it actually take to bring back more manufacturing? (With the idea that manufacturing equals jobs.) Scott Paul, executive director of the Alliance for American Manufacturing, talked about that at a meeting of the Inquirer editorial board yesterday. Paul said one of the biggest issues is how China prices its currency in conjunction with the U.S. dollar. The current pricing structure gives China a 20 to 40 percent advantage when it comes to selling goods, he said. Obviously, it is difficult for Americans, including American companies, to buy American products when Chinese goods are less expensive, especially because of currency imbalances, he said.
In the 1980s, Paul said, there was a similar problem with the yen and with some European currencies. President Reagan negotiated a change and the U.S. trade balance shifted more in America's favor. Other disparities, including the cost of labor and fewer regulations, are less of a problem than the currency imbalance, he said. Creating the market for American manufactured goods would be a first step to encouraging investment in manufacturing.
The Alliance is a joint management and labor policy and lobbying group dedicated to promoting a pro-manufacturing environment. (Yes, they do work together, as shocking as that may seem!)
By the way, did any of you go to the Alliance's event at Lincoln Financial Field last night? I was unable to attend, but I'd be curious to hear some reports.
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