Biden-Harris have a track record of real success in bringing manufacturing back to America. Trump's all-sticks-no-carrot [View all]
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Source: Fortune
This is a long, detailed article --Lots of information
Biden-Harris have a track record of real success in bringing manufacturing back to America. Trump’s all-sticks-no-carrots approach already failed
https://fortune.com/2024/10/21/biden-harris-track-record-real-success-manufacturing-america-trump-economy-politics/?abc123
Jeffrey Sonnenfeld, Laura Tyson and Steven Tian
October 21, 2024 at 11:34 AM CDT
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The track records of Trump and Harris in office show that their divergent approaches produce vastly divergent results. The evidence reveals that the Biden–Harris approach has been spectacularly successful, while the Trump approach has been largely ineffectual.
The Trump playbook: All sticks, no carrots
Let’s start with the Trump approach to bringing manufacturing companies, factories, and jobs back to the U.S., which is highly personal, idiosyncratic, transactional, and largely driven by Trump positioning himself as a master negotiator and wielding his weapon of choice: tariffs. To him, tariffs are “the most beautiful word in the dictionary.” He argues that “the higher the tariff, the more likely it is that the company will come back to the U.S. and build a factory in the U.S. so it doesn’t have to pay the tariff. You make it so high, so horrible, so obnoxious that they’ll come right away.”
Trump’s critics rightly warn that tariffs will both cause higher prices and likely lead to retaliation by America’s trading partners, which will reduce demand for manufactured goods produced in the U.S. and slow the growth of the U.S. economy—overall a regressive, stagflation-like outcome.
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The Harris playbook: Investing in America—and Americans
As she campaigns today, Harris is building on the Biden-Harris playbook of investing in America as a springboard for her vision of investing in the opportunity economy, with unprecedented investments in America’s human capital. Given the prominent role the Biden-Harris administration’s legislative accomplishments have played in defining her vision for increasing investment, production, and jobs in manufacturing, they warrant closer examination.
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In stark contrast to Trump’s idiosyncratic approach of browbeating companies into building factories and returning jobs to the U.S., the Biden-Harris administration has taken a far more comprehensive and systematic approach, crafting carefully targeted industrial policies aimed at investing in both large-scale national missions (like combating climate change) and investing in highly strategic sectors (like semiconductors). That approach focuses on tackling everything from energy security, research and development, technology, and infrastructure by incentivizing private sector co-investment through subsidies and tax credits.................
Read more: https://fortune.com/2024/10/21/biden-harris-track-record-real-success-manufacturing-america-trump-economy-politics/?abc123
Link to tweet
Former U.S. President and Republican presidential candidate Donald Trump dances as he concludes his remarks during a campaign event at in Wisconsin on Oct. 1.
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