US Manufacturing Must Drive Recovery, Summit told AFP

via AFP

DETROIT, Michigan (AFP) — A revived manufacturing sector is critical to leading a recovery of the slumping US economy, underscoring the need for new policies, business leaders told a national economic summit.

The second day Tuesday of the Detroit, Michigan summit seeking an economic strategy offered more comments on the critical importance of the industrial sector in view of the global crisis.

“One of the lessons we have learned from the crisis is that you cannot create create wealth in an economy simply by spinning things around and around,” said Jayson Myers, president of the Canadian Manufacturers and Exporters Association.

“You create wealth by building things people want to buy.”

Those comments were echoed by others.

“Prosperity comes from building, creating and producing,” said Chip McClure, CEO of auto parts maker ArvinMeritor.

“Can we sustain commerce based on financial engineering over real engineering? Simple answer, no way.”

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