Kamala Harris’ manufacturing boom vanishes with jobs revision
Kamala Harris’ manufacturing boom isn’t going well.
Harris and President Joe Biden Promises a surge in tech jobs In recent years, some have argued that a manufacturing boom has already begun.
“Donald Trump claims to have revived American manufacturing. The facts are that under Donald Trump, America lost tens of thousands of manufacturing jobs. And more than 1,000 factories closed under his watch. But President Biden and I have created nearly 800,000 new manufacturing jobs. We’re talking about a manufacturing boom,” Harris said in North Carolina last month.
The problem is Manufacturing jobs are declining,and Manufacturing is shrinking.
The Labor Department said Wednesday that the number of employed people in the 12 months to March was 818,000 fewer than originally estimated. This included: Manufacturing employment revised down by 115,000.
Previous estimates had shown the economy added 19,000 manufacturing jobs during the period. The economy lost 96,000 manufacturing jobs..
Harris’ claim that 800,000 manufacturing jobs have been added under Biden was never accurate because of a misleading measurement based on the severity of the pandemic. Many of the jobs were not actually new jobs, but simply Employment rebounds after lockdown Restrictions have been lifted and economies have reopened.
The record for the first three months of the year was only 564,000 jobs, even using a misleading baseline. If you adjust the baseline to February 2020, just before the pandemic hit the economy, the increase is only 56,000. Compare that to the peak of factory employment under the Trump administration in early 2019: Only 8,000 jobs were added.
Charging big money for little results
these are 8,000 of the most expensive jobs ever added to the economyThe Stop Inflation Act, the Bipartisan Infrastructure Act (BIL), and the CHIPS and Science Act together cost trillions of dollars, and the Biden-Harris Administration claims spending under these laws has spurred hundreds of billions of dollars of private sector investment in manufacturing.
According to the Institute for Supply Management, manufacturing contracted further in July, marking the fourth consecutive month of contraction. In fact, apart from a brief expansion in March, manufacturing has been shrinking for about 10 years. Monthly subscription for the past 21 months.
Manufacturing Under pressure from high interest ratesThe Federal Reserve has been raising interest rates to rein in inflation boosted by the Biden-Harris administration’s massive budget deficit bill, but even the Fed’s easing approach and lower long-term borrowing rates have not been enough to ease pressure on the sector.
Democrats gathering in Chicago touted job creation and investment, but the reality is a sector that is shrinking, not creating. The high costs of legislative activity have yet to yield the promised results.This has left American manufacturing in a precarious position.
Ultimately, the so-called manufacturing boom under the Biden-Harris administration seems more mirage than reality, given the challenges facing the sector and the significant economic costs of the administration’s policies. The path to a true manufacturing revival will require an entirely different set of policies. than what Harris brings to the presidency.
