National Association of Manufacturers (NAM) Vice President of Tax and Domestic Economic Policy, Dorothy Coleman sent the following letter to members of the House of Representatives expressing the NAM’s support of H. Con. Res 34, the fiscal 2012 budget plan offered by Budget Committee Chairman Paul Ryan (R-WI):
Manufacturers have serious concerns about the impact of our nation's fiscal situation on manufacturing and the overall U.S. economy and appreciate the bipartisan efforts of House members to address our current fiscal challenges. In particular, the National Association of Manufacturers (NAM) supports H.Con. Res. 34, the fiscal 2012 budget plan offered by Budget Committee Chairman Paul Ryan (R-WI).
NAM members increasingly are focused on the long-term impact of the federal deficit, both from business and personal perspectives. In fact, our nation's fiscal challenges were a major topic of discussion at recent meetings of NAM's Board of Directors and meetings of NAM's Tax Policy Subcommittee. From a personal perspective, manufacturers are concerned about the impact of the federal deficit on their employees and their families, future generations and our overall standard of living. As business owners and job providers, NAM members are concerned that our nation's fiscal situation will put upward pressure on interest rates, raising the cost of capital, discouraging business investment and reducing capital per worker, productivity, real wages and living standards. In light of what has happened overseas in recent months, manufacturers also are concerned about the negative impact of our deficit on foreign direct investment in the United States.
Moreover, manufacturers firmly believe that our nationcannotresolve its fiscal problems on the backs of business and that we must take a hard look at federal outlays and how we can control federal spending. Similarly, manufacturers believe that fundamental reform of our federal tax laws also has to be part of the current fiscal debate. The United States currently has a dysfunctional system that is a drain on economic growth and a disincentive for savings and investment. Successful reform of our nation's tax laws will create a more competitive tax environment, leading to more jobs and higher family incomes in the United States and a greater GDP that will improve our nation's fiscal health.
The NAM strongly supports efforts to revive our nation's economy, and fully acknowledges the importance of getting our fiscal house in order to ensure durable and long-term growth. We commend House members for taking on the difficult and challenging task of identifying policies to improve the fiscal situation and to achieve fiscal soundness over the long run.