President Barack Obama says the painful restructuring of America's manufacturing base means a lot of jobs are gone forever. But he says "that doesn't mean we have to settle for a lesser future."
In his weekly radio and Internet address, Obama says American manufacturers are reinventing themselves with new technology and new efficiencies. He says that's helped lead to what the administration claims are 3.7 million new jobs created over the past two years.
He recorded the address while visiting a massive Boeing manufacturing plant near Seattle on Friday. He toured a modern factory floor and the inside of one of the aircraft maker's new Dreamliner passenger jets.
Obama says "Companies like Boeing are realizing that even when we can't make things cheaper than China, we can make things better," adding "That's how we're going to compete globally."
While at Boeing, Obama announced steps to offer financing to U.S. companies to match help their foreign competitors get, with the goal of helping American industries compete.