'This Week' Transcript: Sen. John McCain

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Let me start with you, ladies first, Made in America, that report that we just saw, is that the answer?

FREELAND: No. I mean, I thought it was a terrific report, but, you know, we are not going to go back to a world in which everyone buys goods just made in their own country. And that's a good thing. You know, trade helps the world economy. And I don't think we want to push a line that says, well, if all Chinese people only bought goods made in China, all German people only goods made in Germany that wouldn't be great for American companies that do business around the world. Having said that, what I really liked about the report was focusing on the notion that giving up on manufacturing is really a mistake. And I think we did have a rhetoric in the past sort of, you know, 20 years that said, you don't need to make things in a country anymore. That's a mistake.

AMANPOUR: We're not going to go back for all those traditional things being made in America. Is that bad for your people?

GERARD: No. I think what we've got to recognize, though, is we've had 25 years of record-breaking trade deficits. And in those 25 years America has gone from being the world's largest creditor nation to the world's largest debtor nation. And that's because we're not playing on a level playing field and America has no manufacturing policy.

And so we can succeed if we have end up having a manufacturing policy that puts out at as equal footing not one that puts us behind the 8 ball with China as an example.

AMANPOUR: Level playing field, is that the answer? How does one achieve that?

ZUCKERMAN: Well, I don't know that you can get a level playing field, because I don't know exactly what that means. We can't compete on several levels with China and other countries like that, particularly in terms of labor costs. It's just not going to work. But there are many things we can do. And we have to appeal to our strengths not to our weaknesses. Low cost labor is never going to be our strength. America is past those days. But we have to have a highly educated workforce to focus on the industries of the future and to find ways to really develop those industries.

And another thing that we could do, which would really help a lot of companies focus on America is to have a tax code that makes sense so that you eliminate these special preferences and lower overall tax rates. Canada, for example, has a corporate tax rate of 16.5 percent, because they've eliminated a lot of those crap.

AMANPOUR: Let me just ask David about a statistic...

GERARD: Let me make a point on taxes though. We're giving companies tax breaks to move jobs overseas when we ought to be giving people tax breaks to create jobs here.

AMANPOUR: On that issue about creating jobs. In your report, in the series, there was an amazing statistic about just how much more an American should pay every day, or every year, to create hundreds of thousands of new jobs.

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