The Commerce Department recently released figures that from the start of the 2000s, U.S. multinational corporations added 1.5 million workers to their payrolls in Asia and another 477,500 workers in Latin America (not including Mexico).
At the same time, some 864,000 U.S. jobs were cut.
From 2000 to 2009, U.S. corporations increased employment in Canada by 1.0 million (up 6 percent); in the U.K. by 1.1 million (up 8 percent); in India by 453,000 (up 642 percent); in Brazil by 505,300 (up 47 percent); in China by 943,900 (up 262 percent; and in Mexico by 904,300 (up 17 percent).
Why is it that American companies are excelling at creating jobs, but not for Americans?
Does that mean these U.S. corporations aren’t supporting America? Or is it that America isn’t supporting these corporations?
More than 5,000,000 jobs have been exported in the last decade alone.
Yes, much of this is attributed to lower wages being paid overseas, but that paradigm has shifted.
Many U.S. companies continue to operate overseas even though the labor benefits they once enjoyed have vastly deteriorated. The economies and stability within many of these countries are self-destructing. Wages are rapidly increasing.
At the same time, they are facing enormous supply chain issues, as well as dealing with omnipresent corruption, gripping poverty, hostile labor unions, crony courts, runaway intellectual property theft, inefficient labor, massive infrastructure deficiencies, skewed investment laws, security concerns, environmental meltdowns and host governments that expect strict adherence to their unfair and onerous rules and regulations.
This would be an excellent time to re-sell American exceptionalism.
Manufacturers need to be reminded that U.S. labor is very flexible with a wide range of technical skills. They work hard, work smart, and reflect basic American values. You don’t get that overseas.
The phenomena of “back shoring”— the practice of U.S. companies moving their overseas manufacturing operations back home — is taking root. There is a growing realization that doing business in the U.S. is good business.
But part of the re-selling effort has to begin with restructuring our tax system. Rewarding manufacturers who build factories here and hire U.S. workers makes more sense than over taxing U.S. manufacturers who are trying to export their products. This is a U.S. job killer.
We need to ratify more free trade agreements. When exports grow, jobs grow. When it becomes easier for U.S. companies to ship products overseas instead of building factories overseas, America wins.
There is no better ambassador for the goodness and greatness of our country than the products we make.
American manufacturers whom move overseas consistently say one of the biggest drivers for their decision is excessive and debilitating regulations.
Regulations cost our economy $1.7 trillion annually. The most maddening thing for a manufacturer, who is trying to build their business and hire people, is to waste valuable resources complying with archaic and pointless regulations.
At a time when we need to invest in machinery and technology so that we do not fall further behind our overseas competitors, instead we find ourselves kowtowing to federal and state bureaucrats who have no concept on what it takes to run a successful operation.
We must also rethink our immigration policy. America by far is the choice destination of highly skilled immigrants. We must remember that legal immigration has always been essential to keeping America strong and vibrant.
Attracting the world’s best talent must remain an important component of our economic growth strategy. It starts with restructuring our antiquated worker visa system. Let’s bestow work visas to the most talented immigrants who have attended U.S. universities and can immediately contribute to our growth. They need to stay here and work with us, not against us.
Some multinational corporations will continue to hire overseas. And many have no other choice. But there are thousands of U.S. companies that do have a choice, and would stay here if we demonstrated our commitment to their well-being.
We have amongst us some of the most successful and talented job creators in the world. They have been persistently pursued by foreign governments. We sat back and watched as they packed their bags and left us.
There has never been a time when our exceptionalism has been more important to embrace and promote. There are 14 million unemployed who are counting on it.
DEC
