Obama Touts Plan to Bring Jobs Back Home

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One day after the New Hampshire primary, President Obama touted his plan to return jobs to the U.S.

A recent report shows about 4.5 million jobs went to China during the past decade, but 3 million are now coming back.

Examples include a new Intel plant in Hillsboro, Ore., and Ford Motor Co.  promising the creation of 12,000 new jobs by 2015.

Rising wages in China and higher oil prices are making shipping goods from overseas more expensive.

At a White House forum, the president urged companies to create jobs in the U.S. rather than ship them overseas.

He also promised to reform the tax code to give companies more incentive to bring those jobs back.

Supporters of the president's plan applaud the move.

"Anything that we can do to accelerate it, to speed it up even a year, will have a major impact on jobs in the U.S. That's a great thing for the country," Hal Sirkin, senior partner of the Boston Consulting Group, said.

Critics argue that the president's tax plan is more about politics than the economy.

Congress has already rejected several of the proposals he intends to put forward, including $1.5 trillion in tax hikes.

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