The Biden Economy

[finnbow]

Workers quickly learned the deal would only save some of their jobs, despite $7 million in state tax credits and training grants incoming Vice President Mike Pence had arranged as one of his final acts as Indiana governor. More than 600 people would still be laid off.

The limits of Trump's influence over manufacturing jobs has only been reinforced since then. Despite Trump's lofty promises, companies have continued to send jobs overseas.

In Indiana alone, more than 20 manufacturers have moved production to foreign countries since Trump took office, resulting in at least 3,000 job losses, according to trade adjustment assistance filings with the labor department. That's about four times as many jobs as Trump saved at Carrier.

https://www.indystar.com/story/news/...w/6010437002/#

Regardless, the Biden economic policy is outperforming that of Trump by leaps and bounds.

Moreover, the irony of a MAGAt saying that the truth will set you free is too rich to endure without laughing hysterically.

[finnbow]

Morgan Stanley is crediting President Joe Biden’s economic policies with driving an unexpected surge in the U.S. economy that is so significant that the bank was forced to make a sizable upward revision to its estimates for U.S. gross domestic product.

https://www.cnbc.com/2023/07/21/bide...n-stanley.html

[RickeyM]

But-but-but Hunter's laptop, Ukraine-Ukraine-Ukraine, China-China-China, Russia-Russia-Russia!

BTW, have the wing-nuts started giving tRump credit for the turnaround yet?

[Oerets]

For the Faithful......

One is made in Italy...



https://www.rkguns.com/pietta-trump-...31-dt-cyf.html

https://www.rkguns.com/auto-ordnance...911tcac14.html

[whell]

Originally Posted by finnbow

Workers quickly learned the deal would only save some of their jobs, despite $7 million in state tax credits and training grants incoming Vice President Mike Pence had arranged as one of his final acts as Indiana governor. More than 600 people would still be laid off.

The limits of Trump's influence over manufacturing jobs has only been reinforced since then. Despite Trump's lofty promises, companies have continued to send jobs overseas.

In Indiana alone, more than 20 manufacturers have moved production to foreign countries since Trump took office, resulting in at least 3,000 job losses, according to trade adjustment assistance filings with the labor department. That's about four times as many jobs as Trump saved at Carrier.

https://www.indystar.com/story/news/...w/6010437002/#

Regardless, the Biden economic policy is outperforming that of Trump by leaps and bounds.

Moreover, the irony of a MAGAt saying that the truth will set you free is too rich to endure without laughing hysterically.

Regardless, the Indy plant, prior to the pandemic, had retained 800 jobs and brought back many of those that had been laid off. Only you could complain about, or want to change the subject from, something that was good news to the employees at the Carrier plant.

Contract this approach, where one takes a risk and tries to incentivize companies to reduce offshoring, versus the Obama approach - acting like a defeatist about it while repeating over and over: "Some jobs are never coming back".

[RickeyM]

"Some jobs are never coming back"

Like coal?
Shoot the messenger not the message eh' whell?

[Dondilion]

The German manufacturers are fleeing to US. Uncle Biden put together a local package of incentives and sanctioned to death the cheap energy going to Europe. The effect: Germany is extremely uncompetitive.

Joe is the only neo-modern Democratic president who takes care of his constituency.

Europe's economic engine is stalling: Germany deindustrializes.

https://www.politico.eu/article/rust...on-of-germany/

[finnbow]

Originally Posted by whell

Regardless, the Indy plant, prior to the pandemic, had retained 800 jobs and brought back many of those that had been laid off. Only you could complain about, or want to change the subject from, something that was good news to the employees at the Carrier plant.

Contract this approach, where one takes a risk and tries to incentivize companies to reduce offshoring, versus the Obama approach - acting like a defeatist about it while repeating over and over: "Some jobs are never coming back".

My original contention way back when (that you disputed at the time) regarding the Carrier plant was this was not a sustainable economic model (i.e., it was a one-off). Both the failure of the highly touted FoxConn plant deal in Wisconsin (highly touted by Trump and Scott Walker) and the fact that Trump never developed a coherent economic policy (besides a budget-busting tax cut for the wealthy and corporations) proves my point.

As for Carrier, it wasn't the unqualified success for Indiana's economy like you asserted it would be:

While Trump has made promises to save manufacturing jobs, Ball State economist Michael Hicks says the president’s trade battles and other policies have done the opposite.

“With the beginning of the trade war, about midway through 2018, and then up until the start of the pandemic, Indiana had lost about 5,800 factory jobs,” said Hicks.

In fact, 2019 was the first time since the Great Recession that Indiana lost more manufacturing jobs than it gained. For those in the manufacturing industry, the loss of jobs is an ongoing challenge going back decades.

Hicks said, last year, the Midwest started going into a manufacturing recession, but Trump’s trade wars have only further hurt the industry.

“Indiana, right now, is sort of leading the Midwest in its Trade Adjustment Applications. Those are companies that are saying they're shipping production overseas, the overall effect of that tends to be the closure of an entire plant,” he said.

https://www.wfyi.org/news/articles/f...some-had-hoped

As for Obama, this thread is about Biden's economy. That said, Obama was absolutely correct. The buggy whip industry is dead, as are VHS, BetaMax and answering machines. Even passenger sedans are no longer being built by the company that first mass produced them (and which is located spitting distance from where you live).

You seem to be arguing against a fundamental tenet of capitalism, creative destruction (the process of innovation and technological change that leads to the destruction of existing economic structures, such as industries, firms, and jobs). That's not really a surprise given your demonstrated lack of understanding of even the most basic economic principles.

[Chicks]

Originally Posted by finnbow

That's not really a surprise given your demonstrated lack of understanding of even the most widely understood economic principles.

Whell's an HR guy. The reason they are so despised among workers is that they never have even a fundamental understanding of the business. Hell, even Finance guys know what's being produced, because they have to count widgets. HR can't have a conversation with factory floor or white collar workers about the business, because they don't have a clue what the business does.

[finnbow]

Originally Posted by Dondilion

The German manufacturers are fleeing to US. Uncle Biden put together a local package of incentives and sanctioned to death the cheap energy going to Europe. The effect: Germany is extremely uncompetitive.

Joe is the only neo-modern Democratic president who takes care of his constituency.

Europe's economic engine is stalling: Germany deindustrializes.

https://www.politico.eu/article/rust...on-of-germany/

It's not even remotely all about energy costs. It's more about a lack of innovation, an advantage the US has always had (they don't really even have a tech sector, for example).

From the article: “Germany has nothing to offer in any of the most important future-oriented sectors,” said Marcel Fratzscher, the head of Germany’s DIW economic institute. “What exists is old industry.”