In guidance issued this week, the Biden administration has put the smack down on foreign steel and iron. What does it mean for infrastructure projects and more importantly – your paycheck?
Here’s Five Fast Facts …… :
- 📢Make it in America, Baby - President Biden’s team issued rules regarding his $1.2T infrastructure package. In short, if you want to build something (a bridge, a road, etc.) you better buy your construction materials from US suppliers. If you can’t find “made in America” supplies (or if they are too expensive) builders can get exceptions.
- 💉Jobs! Jobs! Jobs! The US manufacturing industry is still about 170,000 jobs short of where it was pre-pandemic. This decision could give manufacturing a real shot in the arm and get more people back to work.
- 📈Wait, Can we just “spend” ourselves out of this Inflation situation? Critics of the announcement (there are many) say that part of the reason everything, like steel, is so flippin’ expensive is because of big spending from the government. Even if that’s true, we still gotta buy steel so maybe buying more American supplies will slow the bleeding.
- 💲How much money are we talking about? The US spends about $700 billion a year buying stuff. So, American-made products will help American workers by keeping that money local. And, maybe, just maybe. It will help alleviate the supply chain issues we’ve seen in the past year.
- 💪If you build it, they will come - More “stuff” made here means more jobs, but that’s not all. It also means more factories built, higher wages for workers, and less stress on the supply chain – meaning you should be able to get this year’s hot Christmas gifts faster and cheaper.
🔥Bottom line: $1.2T is a lot of money, and experts agree we’re not likely to see another bill this size in our lifetime. The immediate benefit (more jobs) will come over the next several years, while the long-term economic benefits may play out over several generations
If you work in manufacturing, what’s the buzz in your area?
Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
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