Tax Facts Tuesday: 95% of Manufacturers Optimistic About Future
Here’s the news: A recently released survey by the National Association of Manufacturers shows that optimism among American manufacturers has skyrocketed. In fact, 95% of manufacturers surveyed are optimistic about the future, which is the highest ever recorded by the survey. Manufacturers are now looking to hire more workers, increasing wages, and buying equipment and expanding in the U.S.
Here’s the rhetoric: Despite clear signs of a booming economy, Democrats are still preaching doom and gloom. They want to return to the heavy-handed Washington policies which caused high unemployment, flatlining paychecks, and low Main Street optimism.
Here’s the reality: Tired of Obama-era slow growth, Republicans took action and passed the first overhaul of America’s tax code in more than 30 years. Since then our economy has been reinvigorated through pro-growth policies. In only six months, America has gone from lagging behind our international competitors to being one of the best places in the world for manufacturers to grow and expand.
But don’t take our word for it. Here’s what manufacturers are saying:
- More than 66% of manufacturers anticipate increased hiring over the next year.
- Nine out of 10 manufacturers expect to raise wages over the next year.
- Over 61% of manufacturers are expecting to increase their spending on equipment and other capital investments in the next year.
- Nearly 43% of manufacturers expect export sales to increase over the next year.
- With increased demand, two-thirds of manufacturers said that they intend to increase apprenticeships and training programs in the next year.
The bottom line: Tax reform was designed to make America the best place in the world for businesses to grow and invest in their communities. Clearly, this is already starting to happen and the Ways and Means Committee is committed to keeping this economic momentum going.