Reinventing America

Economy’s future depends on reinventing America

The COVID-19 pandemic destroyed America’s economy and virtually every element of American life when it struck, especially the country’s manufacturing sector. In addition to eliminating 578,000 manufacturing workers in 2020, the pandemic exposed extensive supply chain flaws that have existed for many years and threaten the economy, health policy, and national security. Here are a few important steps to do in order to implement the Buy American Act’s most major modification.

Need for reinvention

Many of America’s most prosperous allies, notably Germany and Korea, have an industrial policy today. America had one when it rose to become the world’s manufacturing force and powerhouse during World War II. However, the nation neglected the manufacturing sector for an excessively long period of time, leaving America’s supply networks vulnerable. Because of this, America started the epidemic with a lack of medicines and medical supplies as well as ongoing shortages of semiconductor chips, which are necessary for everything from game consoles to cars.

The administration is making a whole-of-government initiative and effort to revitalize American industry by making an investment in strategic industries and expanding opportunities for laborers and businesses, big and small, in each and every region of the nation—including historically underserved businesses—through focused capital investment and tactical public procurement.

Why is that kind of effort so crucial?

The Administration is also taking advantage of the Made-in-America Executive Order’s implementation as a chance to invest in a domestic smart and clean energy supply chain in an effort to combat the climate problem. In order to create a more durable, sustainable, and advanced economy, the American Jobs Plan pledges $46 billion for renewable energy infrastructure. With nearly $600 billion in annual contracts, the America is the world’s largest consumer goods shopper. America must use this critical chance to use this enormous purchasing power to change markets while encouraging innovation in both the public and private sectors.

Some commodities are simply too crucial to the economy, industry, and national security to be left to chance, as America discovered during the pandemic. The regulation will add a new disclosure requirement to boost knowledge of the domestic distribution networks for certain goods and will permit agencies to pay a small amount extra for domestically manufactured goods that are deemed essential to national security. It only makes sense to use strategic preferences to promote home production of essential goods. The new disclosure rules will also increase confidence that Made in America rules are working as intended while giving us more information to help us plan for our economic future.

Initiative for future

The future of the American economy rests on maintaining prudent investment practices, providing workers and businesses with the tools needed to compete, and using government funds to support domestic manufacturing and innovation. To be clear, being sure to purchase more American goods doesn’t imply cutting ties with trading partners; instead, robust supply chains call for global cooperation and redundancy.

Share your love

Leave a Reply

Your email address will not be published. Required fields are marked *