Is 'insourcing' enough to boost the U.S. economy?
U.S. President Barack Obama speaks with business leaders in the Roosevelt Room of the White House May 20, 2014 in Washington, DC. Obama met with leaders from across the country and around the world to discuss the importance of investing in and creating well-paying jobs in the U.S.
The White House opened its doors Tuesday to executives from some big companies. The occasion? Well, the Obama Administration is touting its record on what's known as "insourcing," companies making investments and expanding in the U.S. instead of abroad. The government says its SelectUSA program has helped win $18 billion in U.S. business investments so far.
But when it comes to growing manufacturing and getting the economy back on track, is insourcing going to be enough? “Our problem is that the administration seems to be clapping for investment with just one hand,” says Shaun Donnelly, with the U.S. Council for International Business. “Somehow inward investment is good and they’re absolutely silent on outward investment.”
The White House announced a second SelectUSA summit with global business representatives will be held in the Spring of 2015.