Obama Pitches Manufacturing Plan On Plant Tour
By JOSH LEDERMAN
ASHEVILLE, N.C. (AP) â¿¿ Striking a decidedly populist tone, President Barack Obama stood in a resurrected factory Wednesday, imploring lawmakers to work as hard as American blue-collar workers as he pitched his plan to jump-start manufacturing and expand opportunities for the middle class.
Hours after delivering his first State of the Union address of his second term, Obama issued a new challenge to a nation still picking itself up from an economic slump: "If you work full time, you shouldn't be in poverty."
"There's no magic bullet here, it's just some common-sense stuff. People still have to work hard," Obama said at an auto parts plant in Asheville. He argued that just a few changes â¿¿ like increasing the minimum wage, investing in research and incentivizing companies to do business in the U.S. â¿¿ could go a long way toward a resurgence in American manufacturing.With sleeves rolled up on his white dress shirt, Obama gazed up at giant, high-tech milling machines, each the size of a small room â¿¿ symbols of a dispirited American manufacturing sector that Obama insisted can thrive once again. Joining him for the tour were workers from Linamar Corp, a Canadian-based company that produces heavy-duty engine and driveline components. The company moved in to a defunct Volvo plant and has hired 160 workers at the Asheville plant, with plans to hire 40 more by the end of the year, Obama said. Jason Furman of the National Economic Council told reporters aboard Air Force One that the company's expansion was "emblematic of the trend of insourcing we're seeing in the United States." Manufacturing and jobs were a key focus for Obama in his Tuesday night speech, where he worked to tie issues like immigration and climate change to economic growth by arguing the right investments will lay the groundwork for future prosperity. On Wednesday, he sought to rally support for some of his newest proposals, including an increase in the minimum wage from $7.25 per hour to $9 and expanded access to preschool.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV