Posts Tagged ‘global economy’

Wilbur Ross on the New U.S. Economic Stimulus: Coronavirus

February 5, 2020

Wilbur Ross on the New U.S. Economic Stimulus: Coronavirus

Commerce Secretary, inveterate liar, and noted grifter Wilbur Ross is going viral for claiming that China’s novel coronavirus epidemic “will help to accelerate the return of jobs to North America.” Kinda like how the Black Death stimulated real estate opportunities by emptying Europe’s cities, apparently.

The comment is not just morally appalling, it demonstrates complete ignorance of 21st century manufacturing processes, just what you want in a Secretary of Commerce. Vehicles assembled in the U.S., for example, contain 40 to 50 percent imported parts and components. If China’s factories shut down due to quarantine, U.S. auto assembly lines will grind to a halt. The Rust Belt won’t save the day by sprouting new factories. the corporate billions liberated by the Trump tax cuts were supposed to fund factory development but were used for unproductive stock buybacks instead.

More:

“Wilbur Ross Says Coronavirus Could Bring Jobs Back to the U.S.,” Ana Swanson and Alan Rappeport, New York Times

“Wilbur Ross says Coronavirus could boost US jobs,” BBC News

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Image (“Wilbur Ross Official Portrait”) by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

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