Big League Economics
Apple Planning to Shift iPhone Production From China to India After Coronavirus
Anything but bringing industry back to America.
Technology megacorporation Apple is preparing a plan to move the manufacturing of iPhones from China to India in the wake of the global coronavirus pandemic
Indian Prime Minister Narenda Modi had met with company executives earlier in the year to begin the process. Apple is looking to move up to $40 billion of manufacturing subsidiaries from China to the country within the next five years.
Somewhat curiously, Apple secured a generous exemption from America First tariff policies in March. The company doesn’t appear to be considering moving more manufacturing back to the United States after reconsidering its China-based business model, doubtlessly preferring to build its supply chain in other countries while making a lion’s share of its profits from American consumers.
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America First patriots and economic nationalists should be encouraged by the increased skepticism of China’s outsourcing and protectionism-based economic model in the light of coronavirus. But they should be equally concerned by the increasing tendency of major American corporations to consider India as the location to which they’ll relocate major industry and manufacturing.
India, which is set to surpass China as the world’s most populous country within the decade, could conceivably prove essential to a continuation of the neoliberal era in which global corporate elites decimated the manufacturing and middle-class economy of the United States by outsourcing industry to countries where cheap labor was readily available, all with the help of corporate-generous ‘free trade’ globalist economic policies.
In time, the country, which has a low-wage labor force that surpasses even that of China, could prove to be the foil for globalist elites to swiftly rebrand their China-based global economic model. Amazon oligarch Jeff Bezos predicted that the 21st century would be an ‘Indian century’ in January.
The nation’s government is already intensely lobbying for increased free trade privileges with the United States, and aggressively funds influence campaigns to boost annual levels of H-1B visas, in addition to rigging the wage-depressing visa’s rules in order for Indian applicants to monopolize it.
Big League Economics
Trump Administration Warming to Prospect of Second TrumpBux Payment
Trump had earlier considered a payroll tax.
President Donald Trump suggested on Thursday that he supports a second round of direct ‘TrumpBux’ payments to individuals, a stimulus measure first utilized in March to mitigate the effects of the coronavirus recession. Most U.S. taxpayers have already received a $1,200 payment from the federal government as part of the CARES Act.
When asked about the prospect of another round of payments, the President said “I think we’re going to be helping people out” and “getting some money for them.” The fourth round of coronavirus economic stimulus legislation is likely to be the last, if it’s even enacted at all, and the President said that he supports “one more nice shot” to stimulate the economy.
Senior Trump administration officials such as Treasury Secretary Steve Mnuchin and economic advisor Kevin Hassett signaling their support for the proposal, with the former stating that he sees a “strong likelihood” the national economy will require an additional supplement of the form of stimulus.
The Trump administration appeared to be initially considering a round of payroll tax cuts as an alternative to another TrumpBux, with some questioning how such a policy would benefit the millions of Americans in industries such as the energy sector who have lost their paychecks as a result of the recession.
Congressional Democrats have attempted to ram through a sham stimulus 4.0 package filled with a progressive policy wishlist, including a provision that would grant amnesty to several million illegal immigrants. Senate Republicans and the White House essentially confirmed that the legislation was dead on arrival after passing the house.
However, Senate Majority Mitch McConnell has accepted the concept of a fourth stimulus package after raising fiscal concerns, making it likely that House Democrats will concede enough to pass a politically acceptable bill through the House. It’s possible that the parties will battle over the notion of bailing out state governments, with Republicans preferring to use resources providing payments to individuals.
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