NAM's Jay Timmons addresses fiscal cliff discussions.
Press Release Summary:
Following meeting between business leaders and President Barack Obama, NAM President and CEO Jay Timmons said manufacturers and employees are already struggling due to uncertainty of fiscal abyss. Timmons said by end of 2012, U.S. GDP will have declined 0.6% as result. Also, he said manufacturers believe solution should focus on repairing structural imbalances in entitlement programs. Explaining impact of fiscal crisis, NAM study details outcome if President and Congress don't find solution.
Original Press Release:
Manufacturers Offer a Critical Voice in Fiscal Abyss Discussions
Impact of Fiscal Abyss Is Already Here—Businesses Fear Economic Catastrophe
Washington, D.C. – National Association of Manufacturers (NAM) President and CEO Jay Timmons issued this statement after business leaders met with President Obama to discuss the fiscal cliff today at the White House:
"Manufacturers and their employees across the nation are already struggling due to the uncertainty of the fiscal abyss. By the end of 2012, the U.S. economy will have taken a 0.6 percent hit to GDP as a result of our fiscal crisis. Manufacturing will remain a central player in our economic future and in solving the fiscal abyss."
"Manufacturers believe that a responsible solution is one that does not harm the economy with massive tax increases on job creators, but focuses on repairing the structural imbalances in entitlement programs. The importance of coming together for a solution can’t be overstated. Manufacturers who employ 12 million men and women in America are looking to the President and Congress for a resolution that promotes growth and protects jobs."
The NAM has released a study that explains the impact the fiscal abyss is already having on the economy and just how bad it could get if the President and Congress are unable to arrive at a solution.
The National Association of Manufacturers is the largest manufacturing association in the United States, representing manufacturers in every industrial sector and in all 50 states. Manufacturing has a presence in every single congressional district providing good, high-paying jobs. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org .
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