Obama Fails to Recast G20, Asia Trip as Jobs Mission
Washington, D.C. – In response to President Obama’s performance at the G20 summit and his trip to Asia falling short of the White House’s goal to “open new markets for America’s products in this fast-growing part of the world,” American Energy Alliance President Thomas Pyle released the following statement:
“If Obama truly believes that ‘the future we’re fighting for isn’t as the world’s largest importer, consuming products made elsewhere, but as the world’s largest manufacturer of ideas and good sold around the world,’ he has a funny way of showing it in areas that he actually can control. By advocating for selective elimination of the job-creating tax credit ‘Section 199,’ the President would hinder rather than help growth of U.S. manufacturing.
“Many of the so-called ‘subsidies’ being targeted by the Obama administration are actually production and income credits available to all businesses, not just oil and gas, and intended to incentive economic growth and job creation. What the White House described in its G20 press release last week as a ‘gradual multilateral removal of existing fossil fuel subsidies’ would actually amount to a steady stifling of our natural resources and our global innovativeness.
“Converse to rhetoric from Democratic leadership, existing tax incentives such as Section 199 help invite investment in U.S. firms and incentive the innovation necessary to achieve the breakthroughs which now offer Americans many of the safest, affordable, and most efficient energy sources available. Stripping these credits for just one industry would provide de facto subsidies to our foreign competitors like Iran, China and Brazil.
“If the President is serious about bolstering American industries and the jobs they support, he must readjust his anti-energy agenda.”
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Founded in May, 2008, The American Energy Alliance (“AEA”) is a not-for-profit organization that engages in grassroots public policy advocacy and debate concerning energy and environmental policies. AEA is the advocacy arm of the Institute for Energy Research (IER), a not-for-profit organization – founded in 1989 – that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets.Article Source: