In response to the administration’s recent “Made in America Week” that aimed to highlight President Trump’s commitment to supporting U.S. manufacturing (except when it involves his own branded products, apparently; or for that matter, those of his daughter’s company, all of which are fabricated offshore), Nick Gillespie, the libertarian journalist and editor-in-chief at Reason TV, explains why he believes Trump’s “Buy American, Hire American” policy is not only “bad and incoherent” but will also “do little or nothing to help Americans who have been put out of work by changes in technology and the economy.”
Aside from other criticisms, Gillespie notes that of the 50 “exemplary companies” invited to the White House to showcase their products in a photo-op with the president, almost half of them received various federal, state, and local subsidies worth about $600 million. “If you’re taxing Peter to subsidize Paul, chances are you’re not creating much real economic activity,” says Gillespie.
In this regard, the self-proclaimed “greatest jobs president that God ever created” declared a major victory earlier this week on his push to revive the U.S. industrial sector, announcing a $10 billion investment from Apple supplier Foxconn to open a new electronics factory in Wisconsin and potentially create between 3,000 and 13,000 jobs, but the deal came at an extraordinarily high cost.
Luring the Taiwanese company to America involved a package of federal, state and local tax incentives worth up to $3 billion, an amount that has been estimated to translate into a cost of $230,000 for every $54,000 job that may be created.