President Joe Biden has a solution for high inflation that seems counterintuitive: Bring factory jobs back to the U.S. This challenges a decades-long argument that employers moved jobs abroad to lower their costs by relying on cheaper workers
FILE - President Joe Biden speaks in the South Court Auditorium on the White House campus, March 4, 2022, in Washington. Biden has a solution for high inflation that seems counterintuitive: Bring factory jobs back to the U.S. This challenges a decades-long argument that employers moved jobs abroad to lower their costs by relying on cheaper workers. WASHINGTON — — President Joe Biden has a solution for high inflation that seems counterintuitive: Bring factory jobs back to the U.S.
The president then unspooled his thinking that more manufacturing of semiconductors inside the U.S. would lead to more cars and other products being produced domestically. That would fill the supply chain and, in theory, bring prices down. Biden's assertion sets up an ideological battle with Republicans, who blame the president's $1.9 trillion coronavirus relief package for being excessive and flushing more cash into the U.S. economy than was needed. GOP lawmakers have said inflation — up from recent averages of about 2% — is entirely the president's fault, while the administration is trying to say the bigger problem rests with the structure of the global economy.
“It’s primarily about optics,” said Scott Lincicome, director of economics and trade at the libertarian Cato Institute. “The Biden administration clearly knows that inflation is a political albatross. And they are looking for anything and everything to show American voters that they have a plan to fix the problem.”
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