Dean Baker - A Competitive Dollar: The Missing Link in President Obama’s Manufacturing Agenda
February 10, 2012 In his State of the Union Address last week, President Obama announced a renewed commitment to manufacturing in the United States. While the commitment to rebuilding the country’s manufacturing base is welcome – manufacturing has historically been a source of good-paying jobs for workers without college degrees – he unfortunately left the most important item on the list off the agenda.
President Obama failed to commit himself to restoring the competitiveness of dollar as part of his agenda for bringing back manufacturing jobs. The value of the dollar really has to be front and central in any effort to restore U.S. competitiveness since it is by far the most important factor determining the relative cost of U.S. goods compared with goods produced elsewhere.
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