Why Buy American Usually Doesn’t Buy Us Much
Biden has laid out his “Build Back Better” economic agenda, which calls for massive domestic investment and a goal of reviving American manufacturing jobs, 5 million of which have been lost since 2000. Part of this agenda includes implementing new rules to encourage “Buy American” as well as mandates to create products that are “Made in the USA.” But do these policies actually deliver on their promises to spur the U.S. economy and job market?
manufacturing jobs have been lost since 2000
51% of parts
from the U.S. is the minimum requirement to satisfy the Buy American Act
All or virtually all
parts of a product must originate from the U.S. to earn the "Made in the USA" label