Will reward companies bringing jobs to America: Obama
"Factories where people thought they would retire packed up and went overseas, where labour costs were cheaper," he said.
US President Barack Obama on Wednesday said that his administration will soon come out with policies to reward companies that bring back jobs from overseas and invest in America.
At the same time, he vowed to eliminate tax breaks for companies that move jobs overseas.
The policies in this regard are expected to be announced in the next few weeks and when he submits his Annual Budget proposals to Congress.
"In the next few weeks, we're going to put forward new tax proposals that reward companies that choose to bring jobs home and invest in America. And we are going to eliminate tax breaks for companies that are moving jobs overseas," Obama said addressing leaders of the corporate world at an event on insourcing convened at the White House.
Obama said that he does not want America to be a nation that is primarily known for financial speculation and racking up debt on account of buying stuff from other nations.
"I want us to be known for making and selling products all over the world stamped with three proud words: 'Made in America'.
And we can make that happen," he said amidst applause.
Referring to his meeting with the CEOs of US companies that have started bringing jobs back to the US, Obama said: "You've heard of outsourcing. Well, these companies are insourcing."
"These companies are choosing to invest in the one country with the most productive workers, the best universities and the most creative and innovative entrepreneurs in the world and that is the United States of America," he said.
"That's exactly the kind of commitment to the country that we need -- especially right now, when we're in a make-or-break moment for the middle class and those aspiring to get in the middle class here in the United States," Obama said.
"All across this country, I meet folks who grew up with a faith that in America, hard work paid off and responsibility was rewarded, and anybody could make it if they tried -- no matter where you came from, no matter what you looked like, no matter how you started out.
Acknowledging this bargain has eroded for too many Americans over the last few decades as the economy has changed rapidly, Obama said for many, that change has been painful.
"Factories where people thought they would retire packed up and went overseas, where labour costs were cheaper," he said.
"At the same time, we live in a global economy and as other countries grow and develop middle classes of their own, of course global companies are going to pursue those markets and employ workers and make investments all over the world," said the US President.