President Obama is laying the foundation for an economy built to last, where we out-compete, out-build and out-innovate the rest of the world. His vision forward includes an all-of-the-above energy plan that’s investing in clean energy, like wind power, to create jobs and promote private investment in Iowa. Thanks to President Obama’s efforts, wind production in Iowa is up 44% percent and there are over 9 manufacturing facilities currently producing components for the wind industry, supporting 7,000 good-paying, middle-class jobs in the state.
To get more Americans back to work in emerging industries like wind energy, President Obama has called on Congress as part of his “To-Do List” to extend the production tax credit, which helps entrepreneurs, manufacturers and small business create American jobs and develop American-made energy and innovation. He believes extending the wind production tax credit should be a bi-partisan issue because it supports the growing clean energy economy, strengthens our economic competitiveness and energy independence, and supports American businesses and American jobs.
Mitt Romney opposes the production tax credit for the wind industry and would let it expire in December, threatening the viability of the wind industry and tens of thousands of American jobs. If Congress fails to extend the production credits, demand for wind turbines will shrink, factories will come to a standstill and tens of thousands of Americans could lose their jobs to Europe and China. We’re already beginning to see layoffs across the industry because of uncertainty over the PTC, and if it is not extended 10,000 jobs are expected to be lost by the year’s end, and as many as 37,000 jobs could be lost within a year. Romney’s attack on wind power as a “sharply uncompetitive” form of energy reflects the support he receives from his Big Oil donors and advisors. The Romney-Ryan budget would slash investments in clean energy, while keeping $4 billion in subsidies for the oil and gas industries that are donating to Romney and his Super PAC allies. Mitt Romney would cede our leadership and innovation in wind energy – and the jobs created by this growing market – to our global competitors.
Since President Obama took office, the wind industry has flourished as an American success story:
• Electricity generation from wind has more than doubled since 2008. In the past four years, 35% of new installed U.S. electric generating capacity came from wind energy, and today, we have enough wind capacity to power 10 million homes across the country.
• Traditional manufacturing states like Iowa, Ohio, Pennsylvania and Wisconsin are leading the country in wind power jobs.
• The wind industry is putting people back to work. We used to import most of the roughly 8,000 component parts that go into a modern wind turbine. But today, with more than 400 wind-related manufacturing facilities in 43 states, we’re producing more and more of those parts in America.
• Over the past five years, incentivized $15.5 billion a year on average in private investment in the U.S.
• If President Obama’s policies are enacted, the wind industry could grow to support 100,000 jobs by 2016 and 500,000 jobs by 2030. It has the capacity to generate 20% of America’s electricity.
Head to Iowa.BarackObama.com to learn more about how Barack Obama is working to create jobs in Iowa.