Snow: Outsourcing Good for the Economy

Treasury Secretary John Snow (search) says outsourcing (search) of American jobs, a hot issue in the presidential campaign, can help make the economy stronger.

"It's part of trade," Snow said. "It's one aspect of trade, and there can't be any doubt about the fact that trade makes the economy stronger."

"You can outsource a lot of activities and get them done just as well at a lower cost," Snow said after being asked about the issue during a stop here Monday.

"If we can keep the American economy strong and growing and expanding, we'll create lots of jobs."

Snow's visit came on the heels of last week's Ohio Poll from the University of Cincinnati showing President Bush and Democratic challenger John Kerry running neck and neck among voters in the battleground state of Ohio.

While in Cincinnati, Snow met with Kroger (search) employees, visited a bank's operations center and dined with members of the Cincinnati Business Committee.

Talking about their business, Kroger managers summed up the current economic situation, Snow said.

"The economy's stronger, sales are going up, competition's tough," he said.

"I think that's a message that you probably find repeated in every boardroom around America," Snow added.

"I was struck by the fact coming in this morning, the number of foreign companies that have operations right here, proudly displaying their logos," he said. "America can compete with anybody. What we need to do is not build walls but tear walls down."