Sec. 3. Findings; sense of the Congress
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The Congress finds the following: Data indicate that manufacturing employees earn a higher average salary and receive greater benefits than workers in other industries. Recent data also show that United States manufacturing companies cannot fill as many as 600,000 skilled positions, even as unemployment numbers hover at historically high levels. Postsecondary success and workforce readiness can be achieved through attainment of recognized postsecondary credentials. Data indicate that United States manufacturers invest a far greater percentage of revenue in research and development than other industries.
The United States has the highest corporate tax rate in the developed world. A recent report indicates that United States manufacturers face a 20 percent structural cost burden compared to companies from the Nation’s 9 largest trading partners. Excessive Federal regulations are placing a heavy burden on United States manufacturers. According to a recent report, it is estimated that pending and recently finalized Environmental Protection Agency regulations alone could cost manufacturers over $100,000,000,000 per year in compliance, plus additional one-time costs of over $500,000,000.
Data indicate that regulatory costs could cut annual United States economic output by as much as $630,000,000,000, or 4.2 percent of Gross Domestic Product, resulting in a net loss of 9,000,000 jobs. Expanded domestic resource development would further reduce energy costs, increasing United States manufacturers’ competitive advantage. Data show that United States manufacturers have reduced energy usage and emissions to below the 1990 levels. Reports indicate United States health care costs have increased over 80 percent in the past decade, creating greater personnel costs for manufacturers.
Data show that United States manufacturers are responsible for 47 percent of total United States exports. A widening trade gap with major trade partners means that manufacturers are at risk of losing export market share. It is the sense of the Congress that increasing the competitiveness of United States manufacturers will strengthen the national economy.