Obama vows to foster manufacturing rebound

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Obama vows to foster manufacturing rebound
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - President Barack Obama pledged Wednesday to pull out all the stops to foster a resurgence of manufacturing. "I believe in manufacturing, I think it makes the country stronger," Obama said, during a speech at Canadian manufacturer Linamar Corp.'s auto plant in Ashville, N.C. In his State of the Union Address Tuesday, Obama proposed several steps to boost manufacturing, including lower tax rates for manufacturers and boosting the tax credit for research and development. White House economic adviser Gene Sperling told reporters that research shows that "manufacturing punches above its weight" and factories don't just add jobs but foster more economic activity in surrounding communities. Sperling said "the wind is at our back" and more and more firms are locating their factories in the U.S..