![]() Indeed, there are already signs that his economic plan is running into trouble.īiden's industrial policy is, not surprisingly, far more expansive than Trump's. It's industrial policy on a massive scale, and it amounts to a plan to deploy Foxconn-style manufacturing subsidies nationally in an expensive bid to protect American industry and national security.īiden's projects may not fail quite as spectacularly as Foxconn's, but history suggests the results probably won't be much better. In speeches and tweets, Biden has credited the construction of new manufacturing facilities to what he calls "my economic plan." But what Biden calls his economic plan bears more than a little similarity to Trump's vision of restoring American might through government largesse targeted at private industry. Yet in theme and tone it might as well have been delivered by President Joe Biden, who has spent the last year traveling to manufacturing sites and touting his administration's commitment to promoting and subsidizing a resurgence in American factory jobs. The president who delivered the Foxconn groundbreaking speech was Donald Trump. The eighth wonder of the world turned out to be little more than dashed dreams, demolished homes, and empty public coffers. At the end of 2022, having spent some hundreds of millions on land and infrastructure for the never-built factory, the municipality was left with debts larger than the entirety of its operating budget, a representative for a community watchdog told Wisconsin Public Radio. To make way for the facility, developers had bulldozed dozens of homes, some of which were taken via eminent domain. The village of Mount Pleasant, however, would not make a full recovery. State officials recovered billions in subsidies and put the company on what amounted to a performance plan, where it would receive far less government backing, and only on proof of results. The company, Chinese manufacturing giant Foxconn, admitted it would never create 13,000 jobs the total would be closer to 1,450. Yet three years after the speech, the facility still wasn't completed. We're restoring America's industrial might." "We're also reclaiming our country's proud manufacturing legacy," the president said, insisting on the importance of protecting domestic steel mills. And it heralded a return to manufacturing in the United States. He said the facility would be built with American concrete and steel. In a groundbreaking speech at the new factory, the president singled out a union member he said the new plant would help. In return, Wisconsinites were promised 13,000 good-paying jobs and a boost to the state's economy of about $3.4 billion annually. ![]() The price tag would come to about $10 billion local taxpayers would kick in about $4 billion in subsidies over a decade. president called it the "eighth wonder of the world." It was a massive factory, to be sited in Mount Pleasant, Wisconsin, that would make high-end LCD panels.
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