Action Alert: Buy American provisions threatened PDF Print E-mail
Written by Stumo   
Friday, 30 January 2009

This from the Natl Council of Textile Organizations.  Act now!  A call to your Senator takes 5 minutes.

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ALERT – CALLS NEEDED TO SENATE ASAP – BUY AMERICAN MANUFACTURING CLAUSE THREATENED 
We have been advised that an attempt could be made to strip the buy American portions in the Senate stimulus bill.  These portions were put into the bill by Senator Dorgan earlier this week.   THEY MANDATE THAT ANY PROJECTS FUNDED UNDER THE STIMULUS PACKAGE MUST USE AMERICAN MADE IRON, STEEL AND OTHER MANUFACTURED PRODUCTS (copy of text attached).  (Dorgan essentially expanded an iron and steel provision in the House bill to include all manufactured goods.)
 
Senate members are being pressured by the opponents of this language (Roundtable, Chamber, ECAT, etc – Inside U.S. TRAde article from today attached) to remove the provision from the recovery bill.  The benefits to our domestic industry from the language are wide ranging.   Infrastructure spending under the bill is estimated at $62 billion for highways, roads, public schools and mass transit and tens of billions of dollars for other projects.  We should not allow the funds of this stimulus package to be used to purchase foreign imports and components when tens of thousands of American jobs could be created.
 
Please have your association and your individual member companies contact their respective Senate offices ASAP and tell them to oppose any attempt to change the Buy American Provisions (Sect. 1604).
 
The Senate could take this measure us as early as Monday so calls are need NOW.
 
Thanks.
 
Please let me know if you need additional information.
 
Sincerely,
Cass Johnson
 
 
Cass Johnson
President, NCTO
910 17th Street NW, Ste 1020
Washington, DC 20006
202-822-8025 / f: 202-822-8029
www.ncto.org / This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

 
I feel like this today PDF Print E-mail
Written by Stumo   
Friday, 30 January 2009

I am in Ohio, but thought I was in Chicago.  Sometimes I feel like this.


 
WSJ: Trade deficit = stimulus PDF Print E-mail
Written by Stumo   
Friday, 30 January 2009

The WSJ editorial board hates the Buy American provisions in the stimulus bill.  Not buying Chinese is bad for the economy.  Buying American stuff made by American workers and companies is bad for the economy.

Up is down.  Black is white.  Just because they say it.

 
McMillion on upcoming BEA report on GDP PDF Print E-mail
Written by Stumo   
Friday, 30 January 2009

Today’s BEA report on GDP is widely anticipated to show the economy in ’08-Q4 declined at an annualized rate of over -5% -- “the worst since 1982-Q1 when GDP plunged at a -6.4% rate.”
 
But a useful comparison of conditions now and then should also note that in 1982-Q1 “average” households saved 11.6% of their after-tax incomes whereas today’s report seems certain to show (even with Wall Street bonuses advanced) “average” 2008-Q4 savings was less than 3%. (And because of vastly worse polarization of incomes between then and now, most households in 2008-Q4 likely had NO current savings.

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McMillion on the economy PDF Print E-mail
Written by Stumo   
Friday, 30 January 2009

Charles McMillion writes:

Three government reports today emphasize the sharply worsening downturn.  (McMillion charts here in pdf).

 The Census Bureau’s advance report on the nominal values of new orders for Durable Manufactured goods in December shows the worst 5-month plunge on records back to 1991. The value of new orders fell -2.6% in December, November’s revised decline was far worse than previously estimated, and the five month decline of -19.% since July is the worst on record. Before recent months, the previous worst 5-month decline in the value of orders was -14.0% from June to November 2000.

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