On the recordMarch 30, 2011
as we continue to debate important small business legislation, I rise today to discuss an amendment to further support investment and job creation in U.S. companies. In particular, my amendment would bolster our domestic manufacturing industry, which has historically been the engine of growth for the American economy. The manufacturing economy has been especially important in the industrial Northeast, including my State of Rhode Island. From the Old Slater Mill in Pawtucket--one of the first water- powered textile mills in the nation--to modern submarine production at Quonset Point, the manufacturing sector has always been central to our economy. Sadly, as American companies have faced rising production costs and increased--and often unfair--competition from foreign firms, U.S. production has plummeted. According to the Bureau of Labor Statistics, the number of manufacturing jobs declined by almost a third over the past decade from 17.2 million in 2000 to 11.7 million in 2010. This decline has been felt most sharply in old manufacturing centers like Rhode Island. In Rhode Island, the loss of manufacturing jobs over the past decade has topped 44 percent. The decline of the manufacturing sector is a primary reason why Rhode Island has had greater difficulty than most states in recovering from the recent recession.…
