Star Tribune: Tim Walz: With clarity, businesses can begin to hire

Earlier this month, I had the privilege of visiting a manufacturing company in North Mankato that, believe it or not, exports some of its products to China instead of the other way around.

Thin Film Technology, a leading provider of high-performance electronic components, was originally owned by a Japanese company that laid off scores of workers before trying to close it. About 18 employees from the area were able to convince the parent company to sell Thin Film. Today, the firm is employee-owned and is working to keep jobs in our local community.

But Thin Film’s future success doesn’t depend only on the tenacity of those new employee-owners. It also depends on the economic climate, which at this time still includes uncertainty.

For evidence of this uncertainty, look no further than at recent reports suggesting that large corporations are stockpiling cash rather than making big investments or hiring — an astounding $1.8 trillion of cash, according to the Federal Reserve. This resource hoarding derives from uncertainty about the economy, which in part stems from good probusiness legislation being held in limbo in Congress due to partisan gamesmanship.

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