Obama's SOTU: Still No Manufacturing Jobs

In his January 24 State of the Union speech, President Obama argued that American manufacturing is already coming back under his presidency.  But his actual record on manufacturing jobs is dismal. Normally, after a recession, laid-off workers get hired back.  But America had 13.8 million manufacturing jobs when the Great Recession began at the end of 2007.  Today, the nation has just 11.8 million, as shown in the graph below: In his State of the Union speech, Obama claimed that he is turning around U.S. manufacturing and that he could accomplish even more if only Congress would pass his proposals. For example, he again rolled out a proposal that he first made back in 2008 to tax American corporations on profits made by their foreign factories.  They owe the U.S. government the difference between America's high corporate income tax and the lower corporate income tax rates that they pay abroad.  But currently, they don't have to pay that difference if they...(Read Full Article)