Manufacturing in the U.S. is one of key industries that not only carried the U.S. to unseen heights after WWII but also has received increased attention in the post-COVID world. Manufacturing has moved into the spotlight and of renewed interest as the global conflict rises and supply chains are disrupted. The video from the Detroit Economic Club is from two weeks ago but it is an interesting discussion on how to back manufacturing to the U.S. and what these manufacturers need to grow. Some of the of the key points relate to regulation, what people feel, hiring, and education. You can check out the Detroit Economic Club's page HERE (Its worth the visit and influences business policy).
Key Notes and (Thoughts): (Don't expect it to be perfect. They are like notes and key points. Also application of a theory I'm writing.🤓)
-Manufacturing is hiring lots of people. 12.9 mil. people. The economic value of human capital.
-6 job seekers per 10 open positions.
-70% of people feel govt. is on wrong track. Biggest Threats
-Listen to lawmakers and take the nuggets of knowledge without being party constrained (Scientific and divergent minds should consider all of the information from any side before coming to a conclusion.). You may read something on the civility in politics.
-Energy and workforce issues (I advocate or diverse plug & play energy and human capital development. The system should continuously push toward efficient, cleaner and renewable.) A little article on efforts to protect the electric grid and how to help industry protect from natural disasters like hurricanes to manmade events such as Russia Banning Oil.
-Red tape, delays and regulations often slow business. We need some method of getting things done in fairly quick fashion (i.e. streamlined regulations). We must still protect our environmental health as a key future business component so some oversight is still necessary (Most industries have no idea how connected they are to the environment they create. Its the beginning of the life chain.). There are some responsibilities to not only protect our current systems (i.e. Great Lakes) but also clean and improve them. (Government should consider setting a minimum standard that can be used to push industry to adjust while also maximizing opportunities for industry to self manage and stay ahead of the curve legislative curve. The more business takes initiative, the more freedom to self regulate and influence policies into workable frameworks that helps the environment and business at the same time. We will need either a win-win between government and business on the environment or we will need global regulation that creates the same playing field for everyone. Considering that American businesses seek to protect the environment, and other countries are less concerned, the costs would seemingly be a short term disadvantage. To me, the more flexible approach government and industry oversite practices can settle on the more we can focus on building our nation in a healthy and sustainable way.)
-Michigan Manufacturers Institution: Develops skilled workers for advanced manufacturing industry.
-Business should become part of the educational process. We are one society so we should be grooming our students to be ready to take important positions in our economy as well as having the skills to contribute in civil development. Industry also should provide key insights into what work skills they need from graduates. Industry often determines what specific skills they need while Academics determine the skills that advance society as a whole (i.e. Industry-Competency model as one method to better ensure skill creation and infuse that within the general knowledge needed by society.)
Values that made America and Manufacturing Strong: free enterprise, competitiveness, liberty and equal opportunity. (All business, economy, and the fabric society are based in maintaining certain shared values. Some have tried to misuse that but we must keep these as the higher higher vs. lower principles we follow.) Read about leadership and innovation.
-Competitive tax rate for small and medium business to encourage investments (Delta County MNC example.).
-How infrastructure impacts manufacturing industry
-Research tax deduction to keep us competitive.
-China challenge needs a whole nation response. i.e. Chips legislation and semiconductors. ☝
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