Ever since his first appearances on the campaign trail, President Trump has lamented the decline of the American manufacturing base. Vowing to stop businesses from exporting their manufacturing outside the country, the president and his administration have sworn to do their best to restore this once essential aspect of the United States economy.
It looks like Trump is well on his way to doing so. In a recent announcement, the president got the massive east-Asian behemoth, Foxconn, to build a $10 billion plant in Wisconsin, creating over 3,000 jobs in the area, with the possibility of employing as many as 13,000 workers in the coming years. (via Fox News)
Although some aspects of his campaign promises have been delayed due to adversarial forces in Congress, Trump is making good time on his commitment to restoring the U.S. manufacturing base. The Taiwan-based company will be building a factory producing liquid-crystal display panels that are used in various electronic screens.
“TV was invented in America,” said founder and chairman Terry Gou at the White House, but said that products like LCD displays were no longer made in the U.S. “We are going to change that. It starts today in Wisconsin.” (via New York Times)
Although Foxconn has had some difficulty following through with previous commitments they made, under earlier administrations, to bringing jobs to America, Mr. Gou remains optimistic, stating “We are confident that making American products will be a great success. We are also committed to creating great jobs for the American people.” (via Washington Post)
Foxconn could end up employing as many as 13,000 workers at the factory in the near future, with some projections going as high as 30,000-50,000 potential jobs, a remarkable increase for a state that has less than half a million manufacturing jobs and is still recovering from previous layoffs. Even better, the full-time jobs will have an average pay of around $53,000 per year plus benefits.
It’s a win-win arrangement between the state and the corporate giant. Arrangements were made that Foxconn Technology Group would qualify for $3 billion in tax incentives as encouragement to build the plant, but the company would first need to invest $10 billion in Wisconsin and create 13,000 jobs minimum before they would qualify for the tax break.
President Trump has succeeded in bringing more blue-collar jobs to the U.S. Do you believe he has helped the U.S. economy?
President Trump commented on the venture, “If I didn’t get elected, he definitely wouldn’t be spending $10 billion.” (via The New York Times)
The president’s comments are no idle boast, as the economic climate and tax changes implemented by the president have done much to incentivize companies to invest in America. Among the most notable examples was the meeting between Trump and Jack Ma, CEO of Alibaba, a Chinese e-commerce giant. As a result of their meeting, Ma promised to bring one million jobs back into America.
Despite the media’s skepticism over Trump’s competence as president, it is clear that what he learned in his business dealings over the years has carried forward into the realm of economic recovery. As our nation’s economy continues to bolster, we can look forward to a more prosperous America.