WASHINGTON, D.C.–American manufacturers are investing hundreds of millions in the U.S. in anticipation of Congress passing the Trump administration’s tax reform bill, but warn of a swift reversal if lawmakers are unable to deliver.
“We are investing in anticipation of Congress passing a tax reform bill,” David Farr, the chairman of the National Association of Manufacturers (NAM), told The Daily Caller News Foundation. “I think the key issue Congress has to understand is that we think something is going to get done, and if it doesn’t get done, the U.S. economy will be hurt.”
Farr doesn’t just represent upwards of 14 million manufacturing workers nationwide as the NAM chairman, he’s also served as the chairman and CEO of Emerson Electric, a company that employs 80,000 worldwide, since 2000.
“We believe that he will deal with regulations, he will deal with infrastructure, he will have a plan for education, and will deliver on tax reform. My (Emerson’s) capital spending this year is going to be up a little over 10 percent. Next year, I plan to raise it 15 percent,” Farr told TheDCNF. “Manufacturing is doing this now because we are thinking about higher growth in 2019 and 2020.”
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