NewNow you can listen to Fox News articles!
The nation just heard Vice President Kamala Harris’s competitive economic speech Former President Donald Trump, Both focus on manufacturing. This is no surprise because we believe whoever has a better plan for the reconstruction and revival of industrial America will win the election.
Of course, we are big supporters of Harris-Walz campaign, But we write this as two outspoken moderates and capitalists who know the stakes in this election. And, we believe Harris has a much more persuasive and credible argument to offer the American people.
Why so? Because the Biden-Harris administration’s bold, and mostly bipartisan, legislative victories have stemmed 40 years of deindustrialization. his administration Nearly 800,000 manufacturing jobs were added And rebuilding America’s decaying infrastructure with an investment of more than $1 trillion in modernizing our roads, bridges, broadband, and ports. There is no better investment of America’s hard-earned tax dollars than public infrastructure.
Former Republican US senator endorses Kamala Harris, says election offers ‘key choice’
We both publicly lauded and supported the Biden-Harris bipartisan Infrastructure Investment and Jobs Act as well as the CHIPS and Science Act, and view them as two of the most consequential legislative accomplishments in our lifetimes.
Vice President Kamala Harris took aim at former President Trump during an economic address in Pittsburgh, Pennsylvania. (Paul Steinhauser/Fox News)
These acts have broad support from unions, small and large businesses, Republicans, Democrats, and independents (and co-author and former Representative Ryan voted for both). And it’s a stark contrast to Trump’s failures. He constantly talked about Infrastructure Week throughout his tenure but never even tabled a bill (and is still talking about it).
Not only does America’s plan to rebuild strongly resonate with the American people, but the American Society of Civil Engineers also gave America’s infrastructure a D+ grade in 2017 when Trump took office and a C when he left. – Gave a grade that was almost zero progress.
Currently, US infrastructure investment spending is less than 5% of GDP annually, which is at a lower level than other countries; As we maintain, upgrade or modernize structures and systems, there will be a funding shortfall of more than $1 trillion over the next five years and the deficit will continue to grow. Infrastructure investment is one of the best ways to strengthen our economy!
A 2023 “Modeling the impact of public infrastructure” study found two major impacts on GDP: short-term (during the construction phase) and long-term (direct and indirect which can translate into consumer spending). These investments also have a huge multiplier effect as new, higher-paying jobs pay on average 20% more than the national average.
So, while Trump was talking the talk, Biden-Harris were walking the walk. Through August 2024, approximately $564 billion is deployed for 56,000 projects in 4,500 communities in all 50 states and territories. Initial investments are being deployed. Now is the time to double down.
The yang to infrastructure is manufacturing from yin. In the first quarter of 2024, the White House published a Future Made in America fact sheet, showing incredible momentum:
- The private sector has committed to invest approximately $900 billion in the US manufacturing and power sectors.
- Factory construction has doubled to a record high since coming under the Trump administration.
Biden-Harris helped create 800,000 manufacturing jobs. Here, Vice President Kamala Harris’s running mate, Gov. Tim Walz, speaks at LaborFest. (Fox News)
- Skills training has begun with the proliferation of “workforce centres”.
During the Trump years, manufacturing experienced a net loss of 75,000 manufacturing jobs, compared to hundreds of thousands of gains under Biden-Harris. It’s worth noting that the Alliance for American Manufacturing (a non-partisan nonprofit) attributes Trump’s decline primarily to the unregulated trade policies he implemented, not the pandemic.
The policies of the King of Anarchy were anti-business and anti-labor. And if you heard the former president’s speech in Georgia, you’ll understand why. They randomly targeted tough tariffs across the board and old-world, protectionist-style ideas primarily at one iconic American company, John Deere.
This led the Wall Street Journal editorial board to write, “A deer in Trump’s political headlines” Saying that “Mr. “Trump thinks he can threaten Deer as he did Carrier…Meanwhile, his threats help Democrats argue that Ms. Harris will be friendly to business.”
Harris is business friendly. In his recent speech in Pittsburgh, he said one of his pillars for his “opportunity economy” was to “lead the world in the industries of the future.” Their goal is to outcompete China with smart, pragmatic public investments and policies while working with business to strengthen our economic, national and energy security.
These types of capital-intensive projects in artificial intelligence and clean energy take time to build, which is why we’re seeing a boom in construction employment. Manufacturing jobs are coming back and experiencing huge growth because of these policies. See what’s already happening:
Click here for more Fox News opinion
- In Arizona, Taiwan Semiconductor Manufacturing Co., Ltd. is building new leading-edge semiconductor manufacturing facilities.
- In Georgia, Qcells is expanding its solar panel and component manufacturing capacity; And Hyundai has started work on an EV and battery manufacturing facility.
Former US President and Republican presidential candidate Donald Trump was criticized by the Wall Street Journal for his protectionist-style views, primarily aimed at John Deere. (Angela Weiss/AFP via Getty Images)
- In North Carolina, Wolf Speed (no relation) is investing in a semiconductor materials plant; And CommScope and Corning are investing in manufacturing American-made fiber-optic cables.
- In Wisconsin, Microsoft is building a data center (on the same site where Trump’s infamous Foxconn plant was supposed to be.
These successes are winning over Republicans, too. Recently, a large group of House Republicans wrote a letter to Speaker Mike Johnson asking him not to repeal the IRA clean energy tax credits because they were creating jobs and factories in their districts. The administration needs to brag about this bipartisan support for its plan and act on it.
During the Trump years, manufacturing experienced a net loss of 75,000 manufacturing jobs, compared to hundreds of thousands of gains under Biden-Harris. It’s worth noting that the Alliance for American Manufacturing (a non-partisan nonprofit) attributes Trump’s decline primarily to the unregulated trade policies he implemented, not the pandemic.
Click here to get the Fox News app
As we look to the future, our recommendation for the next President would be to focus on a balanced, “all of the above” energy policy that includes natural gas, nuclear, and renewable energy to help drive this resurgence of manufacturing. and the creation of a National Infrastructure Financing Authority (NIFA) to promote sustained public-private partnerships in transport, energy, climate, AI and other sectors.
Kamala Harris has the vision and experience to advance initiatives that are already revitalizing industrial America. The choice in this election is clear. One candidate has a new vision for our future. And one has plans that are far more dangerous to our economic well-being than our failing infrastructure.
Robert Wolf joined Fox News Channel (FNC) and Fox Business Network (FBN) in 2016 as a contributor. Before joining FNC/FBN, Wolf spent 18 years at global financial services firm UBS, where he held a number of senior positions, including Chairman. CEO of UBS America and president and chief operating officer of the investment bank. He joined UBS in 1994 after spending 10 years at Salomon Brothers.
