Apple CEO Tim Cook Announces Apple Will Invest In American Manufacturing
Last night on CNBC’s Mad Money, Apple’s CEO Tim Cook revealed that Apple will invest $1 billion in advanced manufacturing facilities in America.
With this announcement, Apple joins the growing list of companies who have pledged billions towards rebuilding American industry.
This is good news, and a big win for the Trump Administration, which ran on the promise of “bringing the jobs back home.”
Apple’s investment in domestic manufacturing will pay dividends in the US economy, since manufacturing jobs (especially advanced ones) anchor other industries, and contribute to the economy in many other ways ignored by globalist politicians and “Austrian” economists.
As Spencer P Morrison explains:
Manufacturing brings wealth into a region, and therefore supports local services and supply chains. For example, a car factory supports hairdressers and accountants, but not the other way around [Manufacturing is an anchor industry]…As it turns out, each manufacturing job usually supports 1.58 other service jobs.
This point is not lost on Tim Cook, who went on to explain this himself:
By [investing in American manufacturing], we can be the ripple in the pond. Because if we can create many manufacturing jobs around, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them[.]
Either way you look at it, Apple’s investment in US manufacturing is a big win for the American middle class, and the economy as a whole.
Looks Like Trump’s Promotion Of US Manufacturing Was The “Magic Wand” Obama Needed
Remember when Obama said the jobs were gone for good?
That video didn’t age well.
Apple is just one of many many major US companies to promise big investments in America.
Looks like Trump does have a “magic wand”.
It’s called putting America first.
But remember, it’s not over.
Offshoring manufacturing has greatly damaged the American economy for the past 40 years.
But President Trump’s newfound nationalistic policies and promises, coupled with his expected tax reform has led to increased confidence from the market.
This renewed form of economic nationalism is just beginning to Make America Great Again.