How do you fix the American economy by 2035?
It’s a daunting task.
We have lost the global manufacturing jobs, and our labor force is shrinking.
We’re losing skilled labor, and those workers are going overseas.
And the rest of the world, of course, is getting richer and richer.
And if we don’t do something, there is no reason to believe that we can be competitive in a world that is becoming more interconnected and more global.
What do you do to fix America’s manufacturing?
I think we need to have more investment in our manufacturing, and I think there’s a way of doing that that doesn’t involve any tariffs or any restrictions on exports.
What I would like to see is a more generous tax credit for manufacturing, because the manufacturing is what’s keeping us competitive.
That way, the manufacturing job is created, not the export job.
The manufacturing job doesn’t exist if you’re exporting.
What we have to do is look at the trade balance.
We’ve got to get the manufacturing back to where it was before globalization.
It’s the jobs of tomorrow.
But I think that’s going to be tough.
What would you say are the top three things that need to happen?
I’d say we have got to have a more balanced trade.
We should be able to export to any country that wants to buy U.N. assistance.
We shouldn’t have to import any products.
I think the most important thing is for the country to be competitive again, because if we’re not competitive, there’s no reason for the rest to be.
So I’d like to work with the countries to do that, but I think a combination of trade, a stronger U.K., and a stronger China would be a good combination.
Thank you. [applause]