'This Week' Transcript: Sen. John McCain

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MUIR: We talked to a number of economists on this, as you know, Christiane. Mark Zandi for one said, if we pumped $20 billion into the economy in the next year, if every American spent that would be the equivalent of $64 in the next year we could actually create 200,000 jobs. But I wanted to answer what Chrystia said about buying only Made in America or only Made in German, only -- that's a giant leap from what the question was that was posed this week. These economists told us unanimously that all things equal, durability, price, that if you want to buy a cabinet from up the street from the furniture store, or a product at your retail outlet that says Made in America, you're not going to throw off the global trade balance. And you will help create a job in America. They said it's as simple as that.

FREELAND: What I liked about David's report, at the end when you were refurnishing that house, the Viking stove was the one appliance you found that was 100% made in America. And I think that's the kind of place you should see America focusing on.

Hang on a sec. The high-end manufacturing. It's something where if you look at western industrialized economy's, Germany is one country that has been really successful at hanging on to manufacturing. And that's because as Mort was saying, they haven't focused on the cheap stuff. They've said what we can do that is special is the super specialized stuff. It requires a highly educated work force.

GERARD: Germany has a manufacturing strategy. We don't. And the reality is when you talk about the high end stuff, the iPad and the iPhone are made in China, they're not made in America. If you look at a modern wind turbine invented in Sandusky, Ohio we can't make a wind turbine from start to finish, because we've never had a strategy.

AMANPOUR: So what is the strategy? If America doesn't have one, why not? Because it is, by far, still the biggest manufacturer in the world.

ZUCKERMAN: We have never had that kind of state intervention in terms of an industrial policy. That's not been the way the American system works. But we actually put handicaps on it in this sense, I mean, we have health care costs that are so dramatically higher than everybody else that people want to ship jobs abroad. We have taxes that makes absolutely though sense. There are a lot of special benefits for individual companies, individual industries. We ought to eliminate as many of those as we can and lower the tax rates so that there's more of an opportunity to develop and do business here in the United States. There are some things we can do.

We should have an infrastructure policy rather than an industrial policy which would make it a lot easier for the private sector to work. We have absolutely -- those would create many, many jobs and would be a great stimulus for our economy.

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