White House Invites Marlin Steel to discuss How to Grow USA Manufacturing Jobs - FOX News
FOX Business News interviews Drew Greenblatt, President of Marlin Steel Wire Products, to discuss suggestions given to Obama's senior staff for improving the unemployment numbers in the U.S.
White House Invites Marlin Steel to discuss How to Grow USA Manufacturing Jobs – Here were my 4 suggestions: >>
FOX News: >>
Tuesday, we're going to get the latest on the November jobs report. The unemployment rate is expected to stay at about 9% but our next guest has big ideas on how to improve those numbers and he spent yesterday at the White House, speaking with some of President Obama’s senior advisors about what government needs to do to help businesses start hiring. Drew Greenblatt is president of Marlin Steel. He is a frequent guest here and we thank you for coming in Drew. It’s good to see you. What got you into the White House, first of all?
DREW GREENBLATT >>
The Obama administration is looking for ideas and I’m a manufacturer. They wanted to hear some ways to grow American jobs in America.
FOX News: >>
So, how do you bring the jobs from China where they pay people, what, about a buck an hour, back here, where we have a minimum wage at least ten times that?<
br> DREW GREENBLATT >>
I gave them four ideas. The first idea was that we have to be more competitive with our taxes. Our tax rates are actually higher than China, they’re higher than Canada. That presents a problem when we’re locking horns with a German competitor and with a Canadian competitor.
Another thing I told them is we have to simplify taxes. Right now we spend a lot of money with our tax accountants to try to weave through all the tax regulations. That’s a good way for small manufacturers to save money.
A third idea I told them is that we have to make permanent, the R&D tax credit so we can have a lot of innovation. We come up with slick new ideas and we have to stop some of these gimmicks like the unemployment payroll tax cut. We have to make things like R&D tax cut permanent. We have to make the unemployment payroll tax cut permanent.
The last thing I told them was that we have to have a moratorium on new regulations. Right now we have too much uncertantity in our markets and this is generating fear, anxiety and small business guys are saying, you know what? I’m not sure what’s going to happen, so I’m going to hold off. When they hold off, they don’t hire people. So I said, let’s have a moratorium on any new regulations until unemployment is back to 5%.
FOX News: >>
Those are four very good, very specific suggestions. How were they received?
DREW GREENBLATT >>
The feedback was we’ve heard this before from other small businessmen, we’ve heard this before from other manufacturers and we hear what you’re saying and we’ll get back to you. I’m hoping that we’re going to move the needle. I’m hoping that the Obama administration internalizes the fact that we’re the job creators. When a manufacturer hires people, the average wage is $77,000 a year.
FOX News: >>
That’s terrific.
DREW GREENBLATT >>
So these are great jobs. We need these to come back.
FOX News: >>
Summing up, if I can put it in a nutshell, they said don’t call us, we’ll call you – right?
DREW GREENBLATT >>
Well, they said they’re listening to ideas and they’ll get back to us. You know, before you were talking about the wages in China. They were a dollar an hour a couple of years ago, they’re up to about $2.38 an hour now. Their social security tax is about 50%. In the next 5-year plan, they’re going to be doubling it. I think the pendulum is going to be coming back. I think a lot of American jobs are going to be created when the Chinese worker is paid more over the next couple of years. We’re bullish. We’re growing. We’ve grown in the last couple of years. Matter of fact, we just made our biggest purchase. We bought a laser. An American-made laser. A couple of days ago, it came in eight days ago. So we’re very excited. We think we’re going to grow in the future and it’s going to be because we’re taking back a lot of jobs from China.
FOX News: >>
It’s a corny thing to say, but you are the spirit of America Drew. Great to see you again. Thanks for coming in.
DREW GREENBLATT >>
Thank you.
FOX News: >>
Congratulations for getting another invite to the White House. Drew Greenblatt, see what being on FOX Business does Drew? It opens up all kinds of doors. Great to see you. Thanks.
