A full pull-back from targeted tariffs, effective tax reforms and a return to regulatory overreach - all of which collectively drew U.S. We've written before on the manufacturing industry's hesitation when it comes to a Biden presidency. To do this, the president must set aside the reflexive urge to withdraw from any of former President Trump's industrial and trade policy, and think about what is best for the industry and economy as a whole. A study from the London School of Economics found that automation increased annual productivity of companies by 0.36 percentage points - more than the 0.35 percentage points added by the British industrial revolution.īiden should seize on these facts and help lead a digital revolution of the manufacturing sector. Robotic process automation has proven to show ROI for companies between 30% and 200% in the first year, all while bringing new, safer and better-paying jobs to the factory floor. The bolstering of American manufacturing has enjoyed bipartisan support for years. It's a win-win for any politician willing to throw their political capital behind the effort to promote the integration of the two industries. This type of initiative also would be a positive for job growth in the automation and tech industry, which develops the equipment and programs necessary for the manufacturing industry to thrive. Specifically, Biden should name a Cabinet-level working group to develop a set of broad initiatives to encourage the integration of automation technologies in the manufacturing industry. America's failure to keep pace with those major overseas players is a problem that demands immediate action. Their ability to adapt to market demand, particularly during this pandemic, proves their infrastructure's effectiveness. to compete and win on the world stage.Ĭountries such as China, Japan and South Korea have all embraced automation. Cloud and automation technologies, alongside AI and machine-learning tools, will increasingly drive efficiencies in the industry that will allow the U.S. The most important and pressing trend is undoubtedly the digital revolution of the industry. economy that could drive us out of economic doldrums, take market share away from an adversarial China and provide increased economic and national security. In order for President Joe Biden to usher in an era of long-term economic growth, he will need to lean on one of America's historically core industries: manufacturing.Ī revitalized manufacturing sector will require a myriad of changes, but the payoff would be a boon for the U.S. However, sustainable economic revival depends on more than just government aid in the short term. Vaccinations and the potential for additional relief from Capitol Hill make the prospect of stronger economic growth in the near future compelling. economy is working its way back, albeit slowly, with the economy recovering only half of the more than 22 million jobs lost in March and April due to the pandemic and operating at 82 percent capacity compared to the first quarter of 2020.ĭespite these economic headwinds, there is light at the end of the tunnel. The economic impact of COVID-19 will be with us for years to come.