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Press Release - Obama Vs. Obama: Broken Promises On Manufacturing & China

July 05, 2012

"Candidate Obama may talk a tough game on standing up to China and fighting for American manufacturing — but President Obama just hasn't delivered. After three and a half years, the manufacturing sector is still hurting and China continues to play by its own set of rules. On Day One, Mitt Romney will stand up to China and fight to protect American businesses and jobs." —Andrea Saul, Romney Campaign Spokesperson

Four Years Ago, Candidate Obama Campaigned On A Promise To "Fight For Manufacturers" By Getting Tough On China:

Candidate Obama, In 2008: "If We Want To Fight For Manufacturers Here At Home, We Have To Fight For Them Around The World." "Finally, if we want to fight for manufacturers here at home, we have to fight for them around the world. Now, I believe in trade, but I also believe that for America to compete and win in the global economy, trade has to work for all Americans." (Sen. Barack Obama, Remarks, Warren, MI, 5/14/08)

  • Candidate Obama: "That Means Making Sure That Our Workers Are Competing On A Level Playing Field, And That Countries Like China Aren't Breaking The Rules And Putting American Workers At A Disadvantage." (Sen. Barack Obama, Remarks, Warren, MI, 5/14/08)

But After Three And A Half Years In Office, Manufacturing Is Contracting And Jobs Are Still Being Lost To Countries Like China:

Under President Obama, The Nation Has Lost 599,000 Manufacturing Jobs. (Bureau Of Labor Statistics, bls.gov, 7/2/12)

  • Under President Obama, Ohio Has Lost 17,900 Manufacturing Jobs. (Bureau Of Labor Statistics, www.bls.gov, 7/5/12)

"Manufacturing In The U.S. Unexpectedly Shrank In June For The First Time In Almost Three Years." "Oil fell after manufacturing in the U.S. unexpectedly shrank in June for the first time in almost three years. Prices dropped 1.4 percent as the Institute for Supply Management's U.S. factory index fell to 49.7 in June from 53.5 a month earlier." (Moming Zhou, "Oil Drops As U.S. Manufacturing Shrinks In June," Bloomberg, 7/2/12)

Manufacturing Will Likely Remain "Weak For The Next Few Months." "Manufacturing will likely stay weak for the next few months. The ISM's gauge of new orders, a measure of future activity, plunged from 60.1 to 47.8. That's the first time it has fallen below 50 since April 2009, when the economy was still in recession." (Christopher S. Rugaber,  "US Manufacturing Shrinks For First Time In 3 Years," The Associated Press, 7/2/12)

The Manufacturing Slowdown Is Just Another "Troubling Sign" For An Already Weak Economy:

The Associated Press: "A Troubling Sign As Evidence Builds That Economic Growth Is Slowing." "U.S. manufacturing shrank in June for the first time in nearly three years, a troubling sign as evidence builds that economic growth is slowing. ... Production fell to a three-year low and a measure of new orders plummeted by the most in more than a decade, suggesting the weakness will likely persist in the coming months." (Christopher Rugaber, "US Manufacturing Shrinks For First Time In 2 Years," The Associated Press, 7/2/12)

Reuters: "A Stark Sign Of The Economic Recovery's Slowdown." "Manufacturing shrank in June for the first time in nearly three years as new orders plummeted, according to one measure of the sector that provided a stark sign of the economic recovery's slowdown." (Leah Schnurr, "Manufacturing Shrinks, First Time In Nearly Three Years," Reuters, 7/2/12)

Fox Business: "Setting Off Alarm Bells That The Nation Could Be Teetering Back Towards Recession." "A closely-watched economic gauge revealed on Monday that the U.S. manufacturing sector dipped into contraction territory in June for the first time in nearly three years, once again setting off alarm bells that the nation could be teetering back towards recession." (Matt Egan, "Recession Odds Grow After Dreary ISM Report," Fox Business, 7/2/12)

Bloomberg: "A Mainstay Of The Expansion May Be Faltering." "Manufacturing in the U.S. unexpectedly shrank in June for the first time since the economy emerged from the recession three years ago, indicating a mainstay of the expansion may be faltering. The Institute for Supply Management's index fell to 49.7, worse than the most-pessimistic forecast in a Bloomberg News survey, from 53.5 in May, the Tempe, Arizona-based group's report showed today." (Shobhana Chandra, "Manufacturing In U.S. Unexpectedly Contracted In June," Bloomberg, 7/2/12)

The Wall Street Journal Headline: "Economists React: ISM Indicates 'Economy Is Going Nowhere'" (Conor Dougherty, "Economists React: ISM Indicates 'Economy Is Going Nowhere'," The Wall Street Journal, 7/2/12)

Mitt Romney, Press Release - Obama Vs. Obama: Broken Promises On Manufacturing & China Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/301698

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