President Joe Biden is working to create a manufacturing revival
. Much of Europe faces a possible downturn due to the jump in energy prices after Russia's invasion of Ukraine, while the International Monetary Fund just downgraded growth in China. The world economy is defined by uncertainty just as Biden has called for investments in clean energy and technology that could take years to pay off.
Democratic Rep. Ro Khanna of California would like to see the president make a national tour of factory openings, so that his policies could stick better in voters' minds. Khanna recently attended the groundbreaking of a $20 billion Intel plant in Ohio and laid out his belief that factory job losses helped cause today's political schisms.
What Biden can show with this year's factory groundbreakings is progress, even if the total number of manufacturing jobs is unlikely to return to the 1979 peak of 19.55 million. Intel's computer chip plant being built in New Albany, Ohio, would add 3,000 jobs. Hyundai would add 8,100 jobs with its electric vehicle plant in Georgia. Wolfspeed, with plans to produce silicon carbide wafers in North Carolina, would add 1,800 jobs.
“I believe the president is right,” said Acemoglu, the co-author of the book “Why Nations Fail.” “'Good jobs,' which pay decent wages, have job stability, offer career-addressing opportunities, and endow a sense of accomplishment and dignity, are important for the middle class and social cohesion."
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