Reports from the Federal Reserve and S&P Global put the lie to Joe Biden’s “Manufacturing Boom” the administration celebrated during October, “Manufacturing Month.”
The Department of Commerce announcement celebrating the “boom” quoted Biden:
Our manufacturing future, our economic future, our solutions to the climate crisis are all going to be made in America, creating good jobs.
That mantra was reiterated by Commerce Secretary Gina Raimondo:
There is no one who cares more about revitalizing American manufacturing than President Biden…. He believes that America is a place where we should make things. And that is what his Investing in America agenda is all about.
The report from the Commerce Department celebrated taking money from people who earned it and giving it to people who didn’t. It’s the work of the EDA — the U.S. Economic Development Administration — the part of the Commerce Department that disburses those taxpayer funds according to its wish list:
Since January 2021, EDA has invested $2 billion in 732 projects that support Manufacturing or Advanced Manufacturing [whatever that is], with more than 300 of those projects dedicated to helping communities and regions upskill [?] and build the capacity for economic development.
It Isn’t Working
Unfortunately, it isn’t working. S&P Global’s US Manufacturing PMI (the purchasing managers report, or index) fell in December to “well below market expectations” and “extended the contractionary momentum for US factory activity for the sixth month in a row.” It added: “Looking forward, factories expressed concern over the lack of demand and higher input prices [inflation].” […]
— Read More: thenewamerican.com
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