This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,568.53 -127.94 -0.73%
S&P 500 2,079.65 -12.01 -0.58%
NASDAQ 5,088.63 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs