Nucor’s DiMicco Addresses Statehouse Gathering
Dan DiMicco, Executive Chairman, Nucor Corporation, this week gave a rallying manufacturing speech in the Statehouse Atrium. DiMicco spoke to an audience of state legislators, state agency leaders, and fellow manufacturers.
Repeatedly, DiMicco said “stop the loser talk” and act on problems, whether in government or in manufacturing companies. He said the slowest post-recession recovery in recent decades, which has resulted in what is today an effective unemployment rate of 17.5%, can only be fixed by a commitment to American manufacturing, “the critical engine that drives our economy.”
How did we get here? The U.S. “bought into a failed economic model: A service-based economy could replace a manufacturing-based economy as the wealth creation engine of our economy and the driver for a healthy and growing middle class!”
The result: “Manufacturing shrinks from over 30% to 9.9% of GDP, the destruction of the middle class, creation of service/financial based bubble economy —DOT-COM, ENRON, HOUSING, PONZI SCHEME TYPE FINANCIAL INSTRUMENTS.”
What’s holding us back? (1) Lack of balance in global trade (remove barriers to American exports, and enforce the rules of free trade with trading “partners”), (2) Volatility of the regulatory and tax environment (encourage capital investment, innovation and job creation, and provide predictable and pro-growth policies), (3) Outdated and crumbling infrastructure (we need robust and sustained investment in conventional infrastructure for the 21st century), and (4) Threats to energy independence (develop all domestic resources, renewable and traditional, and take advantage of natural gas here as a “game changer”).
The event was hosted by the Ohio Steel Council, and co-sponsored by The Ohio Manufacturers’ Association and the Ohio Chamber. 10/16/2013