The Biden Economy

[whell]

Originally Posted by Chicks

Micron exec: New Idaho semiconductor factory ‘not possible without’ CHIPS Act

https://uk.finance.yahoo.com/video/m...144319393.html

$15B factory. A big deal.

Unlike this one: Remember when the village idiot was touting Donny's "vote of confidence" from the Ford CEO? Didn't pan out, of course - he was soon shown how idiotic his thread was, and never returned to it. http://politicalchat.org/showthread.php?t=11307 ROFL.

I have no idea how the Chips Act relates to keeping pressure on US employers to return manufacturing to the US.

Just curious, though. Why are lefties opposed to government incentives provided to corporations....until the Dems do it?

[Chicks]

Originally Posted by whell

Just curious, though. Why are lefties opposed to government incentives provided to corporations....until the Dems do it?

Dunno. Perhaps you should find yourself a "lefty" and ask them?

[whell]

Originally Posted by Chicks

Dunno. Perhaps you should find yourself a "lefty" and ask them?

I did.

[Chicks]

Originally Posted by whell

I did.

Yep, you're as clueless as you seem.

[Mark B]

Originally Posted by whell

I have no idea how the Chips Act relates to keeping pressure on US employers to return manufacturing to the US.

Just curious, though. Why are lefties opposed to government incentives provided to corporations....until the Dems do it?

If pressure is felt by business it's self-imposed. Have you read the Chips Act?

https://www.commerce.senate.gov/serv...1-493822686BCB

[whell]

Originally Posted by Mark B

If pressure is felt by business it's self-imposed. Have you read the Chips Act?

https://www.commerce.senate.gov/serv...1-493822686BCB

Mark -

My question refers to two different threads: this one and the one linked in another post above. That thread was about the prior administrations' success or failure in enticing businesses to keep/return manufacturing in the US. The effort was not linked to a specific bill and did not target a specific industry like the CHIPS Act.

I'm not being specifically critical of the CHIPs ACT. I'm wondering why Democrats, who are typically not in favor of "corporate welfare" are now in favor of it.

It's not just the CHIPs act either. The infrastructure bill that was passed earlier (i.e., government funds flowing to broadband service providers), and the recent so-called Inflation Reduction Act (i.e, $1.5 B to the oil and gas industry), all contain what used to be called "corporate welfare".

Just curious about what has brought about this significant course change for Dems on government funds flowing to private businesses?

[finnbow]

Originally Posted by whell

I'm not being specifically critical of the CHIPs ACT. I'm wondering why Democrats, who are typically not in favor of "corporate welfare" are now in favor of it.

Both parties do it, but the recipients of government largess often differ depending upon which political party bestows it and Democrats are generally more skeptical about the estimated economic benefits claimed by proponents of such largess. Gov. Scott Walker (R-WI), backed by Donald Trump, clearly demonstrated that he wasn't skeptical enough in giving away the farm with his Foxconn deal.

[finnbow]

Originally Posted by Chicks

Unlike this one: Remember when the village idiot was touting Donny's "vote of confidence" from the Ford CEO? Didn't pan out, of course - he was soon shown how idiotic his thread was, and never returned to it. http://politicalchat.org/showthread.php?t=11307 ROFL.

That thread is really a blast from the past. What it most clearly reveals is that Whell was fully enthralled with Trump from the get-go and believed that Trump was actually good at something beyond lying and conning the gullible. It further reveals that leaders in government recognized early how susceptible and easily manipulated Trump was with flattery.

[whell]

Originally Posted by finnbow

That thread is really a blast from the past. What it most clearly reveals is that Whell was fully enthralled with Trump from the get-go and believed that Trump was actually good at something beyond lying and conning the gullible. It further reveals that leaders in government recognized early how susceptible and easily manipulated Trump was with flattery.

Can't deny I like, and still do, reversing the trend of outsourcing manufacturing outside the US. I can't deny that there were some early successes with it under Trump, including getting China to agree to increase US imports. If, in your narrow view, it means that I was "enthralled" - using the most expansive definition of that word ever conceived - I guess I was.

[finnbow]

Originally Posted by whell

Can't deny I like, and still do, reversing the trend of outsourcing manufacturing outside the US. I can't deny that there were some early successes with it under Trump, including getting China to agree to increase US imports. If, in your narrow view, it means that I was "enthralled" - using the most expansive definition of that word ever conceived - I guess I was.

Two years ago, President Donald Trump signed what he called a "historical trade deal" with China that committed China to purchase $200 billion of additional US exports before December 31, 2021. Today the only undisputed "historical" aspect of that agreement is its failure. One lesson is not to make deals that cannot be fulfilled when unforeseen events inevitably occur—in this case, a pandemic and a recession. Another is not to forget the complementary policies needed to give an agreement a chance to succeed.

In the end, China bought only 58 percent of the US exports it had committed to purchase under the agreement, not even enough to reach its import levels from before the trade war. Put differently, China bought none of the additional $200 billion of exports Trump's deal had promised.

https://www.piie.com/blogs/realtime-...s-trumps-trade

Donald Trump’s tariffs and the trade war his administration launched against China turned out to be far more damaging than many believed. That is the conclusion of research finding companies, consumers and the U.S. economy paid a heavy price for the Trump administration’s protectionist trade policies.

https://www.forbes.com/sites/stuarta...h=54fcdc0565bd

It seems Trump's efforts were about as successful as Trump University and his charitable foundation.