WASHINGTON (MarketWatch)President Barack Obama is launching a full court press to make it easier for companies to bring jobs back to the U.S., including eliminating certain tax breaks that the administration says gives advantages to companies moving jobs overseas, the White House announced Wednesday.
Obama is hosting a group of business leaders including executives from Ford Motor Co and Dupont Co to discuss "insourcing" American jobs.
In remarks prepared for delivery to the forum later this morning, Obama will call on other businesses to take this opportunity to bring jobs back.
The U.S. economy "has the most productive workers, best universities, and most creative and innovative entrepreneurs in the world," Obama said.
The White House also released a report highlighting what it called "an emerging trend" of insourcing. In the past two years, 334,000 manufacturing jobs have been created, the report noted.
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President Obama on Wednesday asked businesses to increase their “in-sourcing,” or bring back jobs to the U.S. from overseas. The political goal: to persuade Americans he’s working hard to create jobs ahead of the 2012 election – and perhaps to pick another election-year fight with Republicans.
At an all-day event, the White House held a series of events with companies that have either returned jobs to the U.S. or plan to increase domestic investment. Obama also said he would offer proposals to give tax breaks to businesses that invest domestically and to end tax breaks that he says encourage companies to move jobs overseas.
Obama has made similar promises since he was elected in 2008, but until now he hasn’t pushed hard for such legislation. If Republicans block his proposals, he could try to argue that they are harming American businesses and workers.
In a press statement, the White House dubbed the in-sourcing plan part of its “We Can’t Wait” strategy, an approach the administration adopted to try to get around a Congress unwilling to support its policy measures.
Among the companies in attendance were Ford Motor Co., DuPont and Intel Corp.
The process of companies “in-sourcing” jobs back to the U.S., however, is unlikely to have much impact on the nation’s 8.5% jobless rate or an election that’s just 10 months away. The economy has nearly 5.8 million fewer jobs compared to its peak in November 2007 and the U.S. added an average of less than 150,000 a month in 2011, only slightly exceeding the natural growth of the labor force.
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