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Mon Oct 26, 2020, 03:42 PM

Trump's Carrier deal fades as economic reality intervenes

Source: Washington Post

Trump’s Carrier deal fades as economic reality intervenes

Jobs that were saved are dwarfed by others that left

By David J. Lynch
10/26/2020, 6:00:03 a.m.

-snip-

Trump advertised Carrier’s Dec. 1, 2016, announcement that it would preserve about 800 jobs in Indianapolis as a decisive break from decades of U.S. executives capitalizing on lower labor costs overseas at the expense of blue-collar workers at home.

Four years later, it has proved to be nothing of the sort.

This year alone, Indiana employers have sent more jobs to Mexico, China, India and other foreign countries than were saved at Carrier. Without headlines or presidential notice, at least 17 companies — names like Vibracoustic, Molnlycke Health Care, Allura, Altex, Stanley Black & Decker, Dometic, Johnson Controls and Horizon Terra — have closed plants or otherwise reduced employment in Indiana and moved jobs abroad, according to U.S. Department of Labor filings.

“We have many, many firms making these decisions, and Trump likes to negotiate these deals one at a time. It’s trade policy by press release, and often there’s nothing behind the press release,” said Robert Scott, senior economist with the Economic Policy Institute in D.C. “He makes a deal, smiles for the photographers, and then he walks away.”

Throughout his presidency, Trump has had little success with his highly personalized attempts to bend corporate decision-making to his will and reverse a generation-long decline in U.S. factory jobs. He has publicly assailed companies such as General Motors and Harley-Davidson for moving manufacturing abroad without causing them to unwind their plans. And he has claimed credit for investments that failed to live up to advance billing, including Foxconn’s $10 billion plan to create 13,000 jobs at a new electronics factory in Wisconsin. Just this month, state officials denied the Taiwanese company special tax credits, saying it had abandoned its original commitment, employed fewer than 520 people and spent just $300 million.

Indeed, the domestic manufacturing renaissance that the president promised has withered. ...

-snip-

Read more: https://www.washingtonpost.com/business/2020/10/26/trump-carrier-manufacturing-jobs/

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Reply Trump's Carrier deal fades as economic reality intervenes (Original post)
Eugene Oct 2020 OP
DBoon Oct 2020 #1

Response to Eugene (Original post)

Mon Oct 26, 2020, 03:55 PM

1. an effective president would work with congress to change tax codes and other laws

to make it more difficult and costly to move US manufacturing abroad.

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