The Broader Market

by Jordan Eizenga and James Hairston

Manufacturing remains an integral part of our economy. Manufacturing companies provide well-paying, middle-income jobs. U.S. manufacturing wages are, on average, 19.3 percent higher than the private-sector average even though the sector employs an above-average share of those without a college education. Manufacturing also drives innovation. Manufacturing companies account for more than half of all public and private research and development in the United States, the benefits of which spill over into other sectors.

While U.S. manufacturing today suffers from lower employment levels and slower growth in output than in the past, the sector is by no means a lost cause. Much can be done to bolster its competitiveness. For one, the federal government can help create jobs and increase output by improving the performance of manufacturers by increasing their access to capital.

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by Jordan Eizenga

The federal government has not yet implemented a program, authorized in legislation passed in September 2010, which, once up and running, will help so-called Community Development Financial Institutions invest in small businesses and communities hardest hit by the financial crisis.

by Jordan Eizenga and James Hairston

Starting November 1, Starbucks Corp. will begin collecting donations to provide capital for Community Development Financial Institutions as part of its “Create Jobs for USA” initiative. While Starbucks should be lauded for its efforts, Congress has already authorized a program that aims to expand the capacity of Community Development Financial Institutions to invest and create jobs in communities struggling to recover from the financial crisis.

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