Could a Manufacturing Boom in the U.S. Create a Million Jobs?
Friday, February 08, 2013
American manufacturing got some much-needed buzz when Apple CEO Tim Cook announced in December that a line of Macs will be made in the U.S.A. in 2013.
Walmart made news the next month when it pledged to purchase an additional $50 billion of products made in the United States over the next five years.
So, all this insourcing is a good thing, right?
Well, not so fast.
Factors like the rising cost of labor in China, high-tech robotic automation, and 3D printing may be bringing some manufacturing operations back to the United States, but it's not a guarantee of more jobs for American workers.
This week on Money Talking, contributors Rana Foroohar of Time magazine and Joe Nocera of the New York Times discuss the future of American manufacturing and whether it's likely to create the number of jobs that President Obama has promised.
"We can create a million new manufacturing jobs in the next four years," Mr. Obama said at the Democratic National Convention in September.
Looking ahead, Foroohar explains so-called "currency wars" and why the United States, Japan and other countries want their currencies to stay low.
Nocera takes a look at likely nomination for Commerce Secretary Penny Pritzker, a major fundraiser for President Obama in 2008.