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Tag: manufacturing
October 17, 2024
Jack Montgomery
Economy
Election 2024

Manufacturing, Mining, Energy Extraction Shrink Under Biden-Harris Govt.

U.S. manufacturing took a significant hit in September, shrinking by 0.4 percent, far worse than the expected 0.1 percent decline, pushing manufacturing output down 0.5 percent year-over-year. Under the Biden-Harris government, this trend dragged overall U.S. industrial production down by 0.3 percent month-over-month and 0.6 percent year-over-year, the weakest since April. This economic stumble follows a downward revision of August’s figures.

Union workers have been restive under the Biden-Harris government, and a strike by aircraft machinists contributed to a 0.3 percent reduction in industrial production, according to the Federal Reserve. Aerospace equipment production plunged by a staggering 8.3 percent, illustrating the vulnerabilities in critical industries under the current leadership.

Harris has weak support among union workers, and unions such as the Teamsters are breaking precedents by declining to endorse a candidate this year in deference to internal polling showing overwhelming support for Donald Trump.

Capacity utilization dropped to 77.5 percent, highlighting inefficiencies and underperformance in the nation’s industrial sector. The energy sector was not spared either, with mining and energy extraction sliding 0.6 percent. Only utilities saw a slight uptick—after three months of declines.

Critics argue that the Biden-Harris government’s policies have exacerbated economic instability, with the country’s sluggish economic performance being a direct consequence of “Bidenomics”—which the 81-year-old president has tied to his vice president, Democratic nominee Kamala Harris—rather than simply “transitory.”

Polls have consistently shown voters have more faith in Trump than Biden or Harris in terms of managing the economy and controlling inflation.

Image by Adam Schultz.

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U.S. manufacturing took a significant hit in September, shrinking by 0.4 percent, far worse than the expected 0.1 percent decline, pushing manufacturing output down 0.5 percent year-over-year. Under the Biden-Harris government, this trend dragged overall U.S. industrial production down by 0.3 percent month-over-month and 0.6 percent year-over-year, the weakest since April. This economic stumble follows a downward revision of August’s figures. show more
bidenomics
July 2, 2024
Economy
News

BIDENOMICS: John Deere to Lay Off Hundreds in Midwest as Production Moves to Mexico.

John Deere, the leading global seller of tractors and crop harvesters, announced another round of layoffs last Friday due to a collapse in demand and a slowing U.S. economy. The company informed approximately 610 production staff in its Illinois and Iowa plants that their employment would end by the end of the summer. According to John Deere, all layoffs will take effect on August 30.

The agricultural equipment supplier attributed the layoffs to reduced demand for its products manufactured at these locations. Despite reporting $10.166 billion in profits last year, the company cited rising operational costs and declining market demand as reasons for these changes. “We can confirm Deere leadership recently communicated that rising operational costs and declining market demand requires enterprise-wide changes in how work gets done to achieve our goals and best position the company for the future,” a company statement reads.

This month, the company also announced plans to transfer the production of skid steer loaders and compact track loaders from its Dubuque facility to Mexico by the end of 2026, citing rising domestic manufacturing costs in the United States. In October, John Deere laid off 225 employees at its Harvester Works plant in East Moline. This was followed by layoffs at other locations, including 34 workers in May at its Moline Cylinder Works factory and 150 more in March at its Ankeny, Iowa, facility. Approximately 500 employees were let go at its Waterloo plant in Iowa earlier this year.

Lower crop prices have led to an excess of unsold tractors and combines, resulting in some equipment sellers offering discounts and suspending new orders. The Department of Agriculture forecasted a 25.5 percent decline in farm income to $116.1 billion this year compared to 2023 levels.

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John Deere, the leading global seller of tractors and crop harvesters, announced another round of layoffs last Friday due to a collapse in demand and a slowing U.S. economy. The company informed approximately 610 production staff in its Illinois and Iowa plants that their employment would end by the end of the summer. According to John Deere, all layoffs will take effect on August 30. show more
March 1, 2024
Economy
NatSec

U.S. To Outsource Weapons Production With Stockpiles Rapidly Depleted By Ukraine.

The United States is set to begin outsourcing some weapons production to countries like Australia, Japan, Poland, and India after the military’s stockpiles have become dangerously low from supplying munitions to Ukraine and Israel, among other nations. Australia, specifically, will soon become a major supplier of artillery shells and multiple guided missiles for the U.S. military. The move to outsource U.S. weapons production directly contradicts claims by the Biden government that military aid for Ukraine, Taiwan, and Israel would serve to boost U.S. manufacturing jobs.

Australia has made significant investments in weapons manufacturing over the past few years in an effort to become a major hub for U.S. defense production. According to the Pentagon, foreign-produced weapons are still required to meet U.S. government specifications and standards. Most of the weapons produced in Australia will go to replenish U.S. stockpiles, be sent to Ukraine, or be sold to countries like Taiwan.

The Biden government has downplayed foreign weapons production as lawmakers on Capitol Hill have continued to debate a $95 billion foreign military aid supplemental funding package. President Joe Biden and his Democrat allies in Congress have insisted the legislation would serve as a boon for U.S. domestic manufacturing.

“While this bill sends military equipment to Ukraine,” Biden said in late February, before claiming: “…it spends the money right here in the United States of America in places like Arizona, where the Patriot missiles are built; and Alabama, where the Javelin missiles are built; and Pennsylvania, Ohio, and Texas, where artillery shells are made.”

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The United States is set to begin outsourcing some weapons production to countries like Australia, Japan, Poland, and India after the military's stockpiles have become dangerously low from supplying munitions to Ukraine and Israel, among other nations. Australia, specifically, will soon become a major supplier of artillery shells and multiple guided missiles for the U.S. military. The move to outsource U.S. weapons production directly contradicts claims by the Biden government that military aid for Ukraine, Taiwan, and Israel would serve to boost U.S. manufacturing jobs. show more