Why amex is not investing in the industrial services sector
A recent report by the National Association of Manufacturers found that nearly one in five manufacturing jobs in the U.S. are “service-related” or “non-traditional” and that the industry is growing by only 6% a year.
The report was issued as President Donald Trump and House Speaker Paul Ryan unveiled a $2.5 trillion infrastructure package that would invest in roads, bridges, airports and other infrastructure.
But it also included an expansion of Medicaid coverage for the working poor and increased taxes on those making more than $100,000 per year.
As the Trump administration works to make good on its campaign promises to spend $1 trillion to rebuild the country, some business leaders and trade associations are calling for a return to the pre-Trump infrastructure plan.
“It’s not just the lack of investment,” said Jason Kilduff, vice president of government affairs at the U,S.
Chamber of Commerce, adding that the government must take care of workers first and foremost.
“It’s the fact that the infrastructure and public transit systems are not designed with the needs of workers in mind.”
Trump has already put his own priorities ahead of the needs for the average American.
He’s announced a $1.6 trillion stimulus plan that would provide tax cuts to those making less than $250,000 and to people making $75,000 or more.
His budget also includes $300 million to help small businesses expand.
But Kilduffs and other trade groups say the spending on infrastructure is too low.
And they are pushing for more investment.
The Chamber is leading a push to expand Medicaid coverage to more Americans, which could be part of the solution to rising unemployment.
But Kilduf told The Huffington Post he worries about the Trump Administration’s priorities and that lawmakers need to do more to help those who need it most.
“The Trump administration has a responsibility to make the case for a much more equitable approach to addressing the problems in the manufacturing sector, especially those who are struggling with rising costs of living,” Kildorf said.
“If they can’t do that, then we have to go back to the drawing board.”
Follow Alex Wessinger on Twitter: @alexwessinger