The White House announced Wednesday that it would step up its efforts to improve the economy by encouraging both U.S. and foreign companies to generate more jobs at home of the sort that have been shipped overseas or lost to foreign competitors, a process being called by the new buzzword, "in-sourcing." Included in those efforts will be tax breaks and $12 million in new resources for the SelectUSA initiative begun last year:
“Since day one, this Administration has been focused on encouraging investment and job creation here at home,” Vice President Biden added. “The business leaders coming here from across the country today have looked at the facts and concluded what the President and I have been saying all along: that America is the best place in the world to do business and create jobs. We’re calling on other companies to follow their lead and bring jobs back to America—jobs that provide middle-class families not just with a paycheck, but with a fundamental sense of dignity.”
The process of "out-sourcing" has for many years contributed to the off-shoring of millions of American jobs to foreign companies and the shuttering of businesses coast to coast. The practice has hit U.S. manufacturing especially hard as emerging nations have taken advantage of an intensification of globalization, which encourages a relatively free flow of goods, services, capital and financial capital across international boundaries but maintains more or less strict immigration laws.
As a counterpoint, in-sourcing seeks to reverse the flow of jobs with government policies that encourage businesses, both U.S. businesses and foreign ones, to invest in the States. Those policies can include not only tax breaks but also tax disincentives for those who continue sending jobs overseas.
The White House announcement was made in conjunction with an in-sourcing forum that brought 14 large and small U.S. companies to meet with President Obama and discuss what kinds of policies might work to encourage the generation of jobs here instead of abroad. The 14 were Ford, DuPont, Otis Elevator, Intel, Siemens, ThyssenKrupp, Rolls Royce, Master Lock, Lincolnton Furniture, GalaxE Solutions, AGS, KEEN, Chesapeake Bay Candle and NOVO 1.
This might be all for nothing since conservatives are doing everything they can to increase the number of unemployed before the election to try and make the president look bad.