MSCI Stresses Need for Budget Changes for Manufacturing Industry Growth
ROLLING MEADOWS, IL—As Congress returns to work, Metals Service Center Institute (MSCI) President and CEO M. Robert Weidner III, expressed the need for Congress and the Obama administration to refocus their energy and efforts on issues critical to manufacturing and the metals industry.
Since August, MSCI held 11 manufacturing summits across the country, drawing more than 3,000 members and their employees and customers to discuss issues important to the industry.
“Over the last three months, our members and others within the manufacturing industry have made it clear: Their success is dependent upon political leadership and pro-manufacturing policies,” Weidner says. “Our elected leaders have a responsibility to deliver meaningful results for the American people and the U.S. metals industry. We have real challenges ahead and MSCI is eager to roll up its sleeves and immediately get to work with our elected leaders.”
Specifically, MSCI urges the president and Congress to work together to develop and pass a budget that incentivizes growth and corrects our debt and deficit balances. Additionally, members are seeking a commonsense regulatory framework that fosters job and economic growth and at the same time need a simpler, flatter and fairer tax system to have the confidence to invest and innovate.
On a global scale, members are dependent on our leaders to expand access to global markets and enforce trade agreements. In particular, MSCI strongly encourages the Obama administration to demand that China comply with all of its WTO obligations and allow its currency to trade freely on the global foreign exchange markets. For a stronger America and a growing economy, members also need a clear energy policy—one that produces steady, reliable and affordable energy from all domestic sources.
“Manufacturing could be the primary force of change in turning around the economy,” explains Weidner, citing a study commissioned by MSCI. The study revealed the metals industry has a total economic impact of more than $550 billion or more than 3.5% of GDP. In addition, companies involved in the production, wholesaling and primary processing of metals provide more than 2.4 million jobs nationwide that pay more than $55 billion in wages to families throughout the country and approximately $65 billion in local, state and federal taxes.