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Treasury Notes

 Making America a Magnet for New Jobs and Manufacturing

By: Anthony Coley

In his State of the Union address, the President outlined his plan for a stronger, more competitive economy. It’s a plan that boosts American manufacturing, supports entrepreneurs, expands domestic energy production, spurs trade and brings jobs to our shores. It’s a plan that strengthens the middle class and, when combined with the President’s strategy for balanced deficit reduction, does not add a dime to the deficit.

As part of his plan for a stronger economy, the President wants to fix our aging infrastructure so that companies can move goods and raw materials efficiently. Earlier this week, Acting Secretary Neal Wolin saw firsthand the importance of infrastructure to businesses and economic growth when he visited a UPS consolidation hub in the Chicago suburbs. For UPS and for so many other businesses, smooth roads, modern rail links, and reliable airports are critical - and they affect companies’ ability to grow and create jobs. UPS estimates that for every five-minute daily delay that UPS trucks spend stuck in traffic, it costs the company $105 million a year. That’s money lost in wasted fuel and lower productivity—money that could be used to invest, expand, and hire more workers.

In his State of the Union speech, the President announced a proposal to directly address this issue. “Fix-It-First” would put people to work on repairs of nearly 70,000 structurally deficient bridges across the country. In addition, a new Partnership to Rebuild America would help attract private capital that can help pay for these upgrades.

While at UPS, Acting Secretary Wolin also met with UPS employees participating in theWolinUPS2.jpg
company’s Chicagoland Regional College Program, a public/private partnership between UPS, the State of Illinois, and six higher education institutions that enables state residents who are working part-time at UPS to further their education and gain sustained entry into the Illinois workforce.

President Obama recently discussed this type of program, and why it is necessary, in his State of the Union address. To learn more about this and other proposals to build ladders of opportunity into the middle class, click here

For photos of Acting Secretary Wolin’s visit to UPS click here.

While in Chicago, Acting Secretary Wolin also delivered remarks about the President’s proposals to strengthen the middle class, increase the momentum of the recovery, and speed the pace of job creation. He also answered a variety of questions about the deep, indiscriminate spending cuts – known in Washington as “the sequester” – scheduled to take place on Friday. From Dow Jones/Wall Street Journal:

CHICAGO--Acting U.S. Treasury Secretary Neal Wolin on Monday said that political stand-offs, including the current debate over across-the-board spending cuts, are a threat to the U.S. economy and must come to an end. In one of his first appearances since taking his new role, Mr. Wolin said that the deep, indiscriminate budget slashing set to begin Friday could stall economic momentum.

"Shocks are bound to come," Mr. Wolin said in a speech to the Chicago Council on Global Affairs. "But what we cannot do--what would be a grave and unnecessary mistake--is to deliberately throw sand in the gears of our recovery." Mr. Wolin repeated President Barack Obama's message that the arbitrary cuts should be replaced by a mix of more calculated spending reductions and increased tax revenue... He called on Congress to replace the cuts

Acting Secretary Wolin’s full remarks may be found here.

Anthony Coley is the Deputy Assistant Secretary for Public Affairs at the U.S. Department of the Treasury.​ 
Posted in:  State of the Union
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